Compared to an Economy with Extractive Institutions,an Economy with Inclusive

question 79

Multiple Choice

Compared to an economy with extractive institutions,an economy with inclusive institutions will be characterized by ________.

• A) higher output and fewer entrepreneurs
• B) lower output and more entrepreneurs
• C) higher output and more entrepreneurs
• D) lower output and fewer entrepreneurs

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Definitions:

Marginal Revenue Curves

Graphical representations that show how marginal revenue varies as output level changes, used by firms to determine the most profitable level of production.

Price Discrimination

A pricing approach where a single provider charges different prices for essentially the same products or services in different markets.

Consumer Surplus

The variance between what consumers are ready and capable of paying for a product or service versus what they actually end up paying.

Airlines

Entities that deliver passenger and freight transportation via air.