Which of the Following Best Accounts for the Significant Demographic

question 3

Multiple Choice

Which of the following best accounts for the significant demographic increases in the number of older individuals?

• A) Increases in life expectancy
• B) Increases in life span
• C) Increases in fertility rates
• D) Decreases in medical technology

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Definitions:

Marginal Revenue

The extra revenue generated from the sale of an additional unit of a product or service.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers, typically downward-sloping, indicating an inverse relationship.

Marginal Revenue

The additional income that a company generates from selling one more unit of a good or service.

Pure Monopolist

A market participant that is the sole supplier of a unique product without close substitutes, possessing significant control over market prices.