In the Year 2030, It Is Projected That

question 5

Multiple Choice

In the year 2030, it is projected that

• A)developing countries will consume twice as much energy as highly developed countries.
• B)developing countries will consume half of the energy as highly developed countries.
• C)developing countries' energy consumption will decrease slightly.
• D)highly developed countries' energy consumption will increase slightly.
• E)developing countries will consume the same amount of energy as highly developed countries.

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Definitions:

Marginal Cost

The cost of producing one additional unit of a good or service, often varying with the level of production.

Fixed Cost

Expenses that do not change with the level of production or sales, such as rent or salaries.

Total Fixed Costs

The sum of all costs that remain constant regardless of any change in a company's production volume.

Diminishing Returns

A principle stating that if one input in the production of a commodity is increased while other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.