Which of the Following Statements Is FALSE

question 63

Multiple Choice

Which of the following statements is FALSE?

• A) The United States was the most competitive economy in 2017.
• B) Global trade has helped lift hundreds of millions of Chinese out of poverty.
• C) The presence of a few dominant companies in an industry makes it more difficult for entrepreneurs to start a business in that sector.
• D) Around the world, consumers are showing a robust appetite for the sharing-based economy.
• E) Most Americans use their mobile devices for getting directions or listening to music rather than making purchases.

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Definitions:

Market Price

The price at which a good or service is offered in the marketplace, determined by supply and demand dynamics.

Total Product

The total quantity of goods or services produced by a firm or economy at a given time.

Profit-Maximizing Output

The level of production that maximizes a firm’s profits, determined by the intersection of marginal cost and marginal revenue.

Total Revenue

The total income earned by a firm from selling its products or services, calculated as the quantity sold multiplied by the selling price.