What Is the Approximate Current Global Population

question 33

Multiple Choice

What is the approximate current global population?

• A)7)7 million
• B)6)5 billion
• C)7)7 billion
• D)7 trillion

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Definitions:

Long Run

In economics, a period in which all factors of production and costs are variable, allowing for full adjustment to changes.

Profit

The financial gain achieved when the amount earned from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Loss

An economic condition where expenses exceed revenues, resulting in negative profit.

Price Discrimination

Price discrimination is the strategy of selling the same product at different prices to different groups of consumers, often based on their willingness to pay, location, or purchase volume.