In the United States, Average Life Expectancy _________

question 12

Multiple Choice

In the United States, average life expectancy _________.

• A)is likely to continue to increase at the same rate it did in the early parts of the 20^th century
• B)increased more rapidly between 1950 and 1999 than it did between 1900 and 1950
• C)increased throughout the twentieth century primarily due to advances in medical technology
• D)All of these
• E)None of these

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Definitions:

Perfectly Price Discriminate

A pricing strategy where a seller charges the maximum price that each individual consumer is willing to pay, thus capturing all possible consumer surplus.

Deadweight Losses

Economic inefficiencies that occur when the allocation of resources is not optimal, resulting from distortions in the market such as taxes, subsidies, or monopolies.

Perfect Price Discrimination

A pricing strategy where a seller charges the maximum possible price for each unit consumed that each buyer is willing to pay, thus capturing the entire consumer surplus as profit.

Total Revenue

The total income received by a firm from its sales of goods or services before any costs or expenses are deducted.