In an Economy Where the Population Has Met Basic Needs

question 68

Multiple Choice

In an economy where the population has met basic needs and seeks to spend large discretionary income on products that improve quality of life,the country is in the ______ stage of economic development.

• A)Traditional society
• B)Preconditions for take-off
• C)Take-off
• D)Maturity
• E)High mass consumption

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Definitions:

Output

The total amount of goods or services produced by a firm, industry, or economy in a given period.

Monopolist

A monopolist is a single seller in a market who has significant control over the supply of a product or service, and thus can influence prices and market conditions.

Marginal Revenue

This is the increase in revenue that results from the sale of an additional unit of a product.

Marginal Cost

The change in total production cost that arises when the quantity produced is incremented by one unit.