The Following Table Shows Economic Data for Two Countries

question 92

Multiple Choice

The following table shows economic data for two countries.

-Refer to the table above.The GDP per capita in Country A adjusted for purchasing power parity (PPP) is equal to ________.

• A) $27,200
• B) $34,000
• C) $50,000
• D) $53,125

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Definitions:

Average Total Cost

The total cost of production (fixed and variable costs) divided by the total quantity of output produced.

Profit-maximizing Price

The price at which a firm can sell its product to maximize its profit, determined by market demand and production costs.

Product Differentiation

A strategy businesses use to distinguish their products from those of competitors in features, quality, or design to attract consumers.

Market Power

The ability of a firm or group of firms to manipulate the price or supply of a good or service in the market to their advantage, often by limiting production or increasing prices.