-The Chart on Manufacturing Value as a Percentage of GDP

question 19

Multiple Choice

-The chart on manufacturing value as a percentage of GDP indicates that the share of manufacturing in developed countries

• A) began to be surpassed by manufacturing in developing countries in the mid-1990s.
• B) was less than manufacturing in developing countries in the mid-1970s.
• C) was greater than manufacturing in developing countries in the late 1980s.
• D) was roughly equal to manufacturing in developing countries in the early 1990s.
• E) was roughly equal to manufacturing in developing countries in the early 1980s.

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Definitions:

Marginal Revenue

The additional revenue that a company gains from selling one more unit of a product or service.

Price-Discriminating Firms

Companies that charge different prices to different customers for the same product or service, based on willingness to pay.

Elastic Demand

Describes a situation where the quantity demanded of a good or service significantly changes in response to a price change.

Price Structure

The organization and setting of various prices within a company's range of products or services.