The Philippines

question 42

Multiple Choice

The Philippines

• A) has banned migration to other countries.
• B) has the second highest PPP in Southeast Asia.
• C) owes much of its lack of economic success to the policies and corruption of Ferdinand Marcos.
• D) hosts several important American naval bases.
• E) has a communist economic system.

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Definitions:

Long-run Equilibrium

A state in which all firms in a competitive market are making just enough profit to stay in business, with no incentive to enter or leave the market.

MR = MC

A condition where a firm's marginal revenue (MR) equals its marginal cost (MC), commonly used to determine the profit-maximizing level of output.

ATC

Stands for Average Total Cost, which is the cost per unit of output, calculated by dividing the total cost by the quantity produced.

Average Total Cost

The sum of all production costs divided by the quantity of output produced, synonymous with the cost per unit including all variable and fixed costs.