If the Fraction of the Population That Is Below the Official

question 45

Multiple Choice

If the fraction of the population that is below the official poverty level has decreased, then

• A)the number of poor must have increased
• B)the number of poor must have decreased
• C)the population must have increased
• D)the number of poor may have increased or decreased
• E)the number of people above the official poverty level must have increased

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Definitions:

Average Revenue

The revenue a company generates per unit of output sold, calculated by dividing total revenue by the number of units sold.

Perfectly Elastic Demand Curve

A demand curve with infinite elasticity, where consumers are willing to purchase any amount of a product at a certain price, but none at any slightly higher price.

Output

Refers to the total amount of goods or services produced by an individual, firm, or country within a specific period.

Firm

A business organization, such as a corporation or partnership, that sells goods or services for profit.