When differences between nominal GDP and real GDP result due to price changes and nothing else is compared, an index is created called the
A) consumer price index. B) index of leading indicators.
C) GDP deflator. D) inflation index.
C
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The average total cost curve
a. is downward sloping at all levels of output b. is downward sloping when marginal costs are decreasing and upward sloping when marginal costs are increasing c. is upward sloping when marginal costs are decreasing and downward sloping when marginal costs are increasing d. does not vary with output
The producer's surplus is equal to the difference between how much the seller can charge for a product and how much the consumer is willing to purchase it for
a. True b. False Indicate whether the statement is true or false
According to the text, identical technologies are a more reasonable assumption for:
A. the shoe industry. B. the call center industry. C. neither the shoe nor call center industry. D. both the shoe and call center industries.
When a purely competitive firm is in long-run equilibrium, price is equal to:
A. marginal cost, but may be greater or less than average cost. B. marginal revenue but may be greater or less than both average and marginal cost. C. minimum average cost but may be greater or less than marginal cost. D. minimum average cost and also to marginal cost.