According to the U

question 38

Multiple Choice

According to the U.N. Human Settlements Program, each of the following is a fact about cities in developing countries except:

• A) Almost one third of all cities have areas that the police consider dangerous
• B) About 5.8% of the children die before reaching 5 years of age
• C) One of every two urban households live above the poverty status
• D) About two thirds of the cities do not treat their sewage
• E) Buses are the most common form of transportation

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Definitions:

Perfectly Competitive

A perfectly competitive market is characterized by many buyers and sellers, homogenous products, and free entry and exit, leading to price determination by market forces.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one more unit of a good changes as the quantity produced increases.

Short-run Supply Curve

A graphical depiction that showcases how much of a product suppliers are willing and able to sell at different prices in the short run, with at least one input fixed.

Perfectly Competitive Industry

An industry characterized by many small firms producing identical products, with free entry and exit, and perfect information, leading to prices being determined by the market.