Which of the Following Figures Represents the Approximate Total Population

question 124

Multiple Choice

Which of the following figures represents the approximate total population of Oceania?

• A) 3.8 million
• B) 380 million
• C) 38 million
• D) 3.8 billion

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Definitions:

Marginal Revenue

The additional revenue generated from selling one more unit of a good or service.

Externalities

Economic side effects or consequences that affect uninvolved third parties; can be either positive or negative.

Externality

Actions of one party impose costs or benefits on a second party.

Economy of Scale

The cost advantages that enterprises obtain due to their scale of operation, typically resulting in decreased per-unit cost as production increases.