The Bulk of Exports from Developing Countries Are

question 86

Multiple Choice

The bulk of exports from developing countries are

• A)manufactured goods
• B)primary products
• C)servcies
• D)consumer goods
• E)raw sugar products

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Definitions:

Total Cost

The sum of fixed and variable costs.

ATC

Stands for Average Total Cost, which is the sum of all production costs divided by the quantity of output produced, encompassing both variable and fixed costs.

MC

Marginal Cost represents the change in total cost that arises when the produced quantity of a good is incremented by one unit.

Perfect Competitor

A market situation where numerous buyers and sellers exist, products are identical, and no individual buyer or seller can influence the market price.