Provide an Appropriate Response

question 97

Multiple Choice

Provide an appropriate response.
-Use the growth rate of 0.7% to estimate the population of a growing country in 2072. Start from the 2000 population of 50 million. Use the approximate doubling time formula.

• A)93.3 million
• B)82.4 million
• C)102.0 million
• D)130.9 million

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Definitions:

Perfect Competition

A market structure characterized by a large number of small firms, homogeneous products, and free entry and exit, leading to price-taking behavior.

Standardized Product

Output of different producers regarded by consumers as the same good; also referred to as a commodity.

Easy Entry And Exit

Characteristics of a market where companies can freely enter or leave without significant barriers or costs.

Patented Prescription Drug

A medication that is protected by a patent, giving its manufacturer the exclusive right to produce and sell the drug for a certain period.