The Number of Babies Per Thousand of Population Who Die

question 6

Multiple Choice

The number of babies per thousand of population who die in any year before reaching one year of age is called the:

• A) infant mortality rate
• B) fertility-death ratio
• C) fecundity
• D) crude death rate

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Definitions:

Perfectly Price Discriminate

A pricing strategy where a seller charges the maximum price that each individual consumer is willing to pay, thus capturing all possible consumer surplus.

Deadweight Losses

Economic inefficiencies that occur when the allocation of resources is not optimal, resulting from distortions in the market such as taxes, subsidies, or monopolies.

Perfect Price Discrimination

A pricing strategy where a seller charges the maximum possible price for each unit consumed that each buyer is willing to pay, thus capturing the entire consumer surplus as profit.

Total Revenue

The total income received by a firm from its sales of goods or services before any costs or expenses are deducted.