Figure 9.1.1 -Looking at Figure 9.1.1,which of the Following Countries Has the Countries

question 64

Multiple Choice

Figure 9.1.1
-Looking at Figure 9.1.1,which of the following countries has the highest HDI?

• A) India
• B) China
• C) Saudi Arabia
• D) South Africa
• E) Madagascar

---

Definitions:

Natural Monopoly

A market structure where a single firm can produce the entire market's supply at a lower cost than could multiple firms due to economies of scale.

Economies of Scale

Economies of scale refer to the cost advantage experienced by a firm when it increases its level of output. The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced.

Elastic

A characteristic of a demand or supply curve that indicates a high sensitivity to changes in price.

Price Ceiling

A legally imposed maximum price on a good or service, typically set below the market equilibrium, leading to shortages.