The Figure Given Below Represents the PPC in Two Nations

question 53

Multiple Choice

The figure given below represents the PPC in two nations - Germany and Korea, producing only two goods, cars and food.Figure 2.4

-Identify the correct statement.

• A)Demand is the total quantity of a product that people are willing, even if unable, to purchase at a given price.
• B)Demand for a product is the same as the quantity demanded of a product.
• C)Demand represents the different quantities of a good or service that provides consumers the same amount of utility.
• D)Demand is the quantity of a product that people are willing and able to purchase at different prices.
• E)Demand is the quantity of a product that producers are willing to produce at a particular price.

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Definitions:

Urbanization

The process by which towns and cities grow larger and more populous due to migration from rural areas and expansion of urban areas.

Social Classes

Categories of people within a society who share similar socio-economic status, often determined by factors like wealth, occupation, education, and power.

Ethnic Groups

Collections of people who share common linguistic, cultural, ancestral, or national characteristics.

Trusts And Monopolies

Economic arrangements or corporations that hold a dominant position or exclusive control over a market or industry, often leading to reduced competition.