Business, 18.03.2020 02:26 daebreonnakelly

What are the characteristics of a developing economies?

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Answer from: monserratmendezca20

High rates of unemployment, dependence on the primary sector, reliance on exports of primary commodities.

Explanation:

These are just some of the characteristics of developing economies. In developing countries, there is also a high poverty rate and generally low income from capital. For these countries, it is also possible to find the abbreviation LDC (Less developed country) or LEDC (Less economically developed country), which geographers use to say that the country is underdeveloped, which usually includes other factors of human development.

Answer from: Quest

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Answer from: Quest

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.

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