Which of the Following Best Illustrates the Thomas Theorem

question 121

Multiple Choice

Which of the following best illustrates the Thomas theorem?

• A) The 1980 decision to boycott the Moscow Olympics because of the Soviet invasion of Afghanistan resulted in fewer records being set in those games.
• B) The 1973 oil crisis resulted in the so-called "toilet paper panic." The rumour of an expected shortage of toilet paper-resulting from a decline in the importation of oil-caused people to stockpile supplies of toilet paper and this caused a shortage.
• C) The 1999 NATO bombing of Yugoslavia because of ethnic cleansing of Kosovo Albanians by Serbians resulted in approximately 500 civilian casualties.
• D) The 1929 crash of the New York stock market lead to a decade-long economic depression, with lower commodity prices and worldwide mass unemployment.

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Definitions:

Marginal Revenue

The extra revenue generated by the sale of an additional unit of a product or service.

Competitive Industry

An industry structure with many firms competing against each other offering similar products or services, leading to lower prices and innovation.

Marginal Revenue

The additional income received from selling one more unit of a good or service; this is crucial for businesses in determining how many units to produce.

Average Revenue

The total revenue generated by a firm divided by the quantity of goods or services sold, indicating the average amount of money made per unit.