Compare the scale of agricultural production in the advanced and devel-oping economies. In which is the percentage higher? In which is the total amount produced greater?
What will be an ideal response?
Agricultural is a small part of total production in advanced economies. It is a much larger part in developing economies. Even though advanced economies devote only a small part of their total production to agriculture, they still produce about one third of the world's total produc-tion of food. The remaining two thirds is produced in the developing na-tions.
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When one firm sells a good or service that has no close substitutes and a barrier blocks the entry of new firms, what type of market is this?
A) perfect competition B) only monopoly C) oligopoly D) only monopolistic competition E) either monopoly or monopolistic competition
Regardless of how price inelastic the supply curve, tax revenue from a per-unit tax rises the more price inelastic the demand curve is.
Answer the following statement true (T) or false (F)