Historically, ________ of the World's Population Has Always Lived in _______

question 16

Multiple Choice

Historically, ________ of the world's population has always lived in _______, at least since the beginning of written history.

• A) At least half; urban areas
• B) At least half; rural communities
• C) The vast majority; urban areas
• D) The vast majority; rural communities
• E) A small percentage; rural communities

---

Definitions:

Long-Run Equilibrium

A state in which all factors of production are variable, allowing firms to enter or exit, resulting in zero economic profit for perfectly competitive firms.

Competitive Industry

An industry where numerous firms compete against each other to sell similar products or services.

Output Level

The quantity of goods or services produced by a company, industry, or economic sector within a given time period.

Economic Rents

Earnings in excess of the minimum necessary to keep a factor of production in its current use, often associated with restricted supply or monopoly power.