The Greatest Growth in the World's Population Over the Next

question 108

Multiple Choice

The greatest growth in the world's population over the next several years will come from:

• A) Western Europe.
• B) Africa.
• C) Australia.
• D) Eastern Europe.
• E) Russia and nations of the former Soviet bloc.

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Definitions:

Long-run Equilibrium

A state in which all resources are optimally allocated, and all firms in the industry are making normal profits, with no external pressures for change.

X-inefficiency

The inefficiency that occurs in a firm due to a lack of competitive pressure, leading to higher costs than necessary.

Pure Competition

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, leading to price-taking behavior.

Pure Monopoly

A market scenario in which one company monopolizes the entire market for a specific product or service, lacking any significant alternatives.