There Are 100 Identical Demanders of Product Y, and the Demand

question 90

Multiple Choice

There are 100 identical demanders of product y, and the demand function for each individual is y = 10 - p. The production function for any firm is y = min(z₁,z₂) . If the prices of z₁ and z₂ depend on aggregate input requirements in the following way: w₁ = z₁/200, w₂ = z₂/200, then:

• A)this is a decreasing cost industry.
• B)this is a declining industry.
• C)this is a constant cost industry.
• D)this is an increasing cost industry.

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Definitions:

American Tourism Syndrome

The phenomenon where tourists from the United States or its cultural influences expect or demand familiar comforts and services abroad, often at the expense of local customs and economies.

Cultural Adaptation

The process by which individuals or groups adjust and modify their cultural practices and beliefs to align with those of a new or different culture.

Cultural Relativism

The principle that an individual's beliefs and behaviors should be understood by others in terms of that individual's own culture, rather than being judged against the criteria of another culture.

Ethnocentrism

The conviction that one's own ethnic group or culture is superior by nature, frequently paired with a dismissive or derogatory attitude towards different cultures.