GDP is defined as the market value of all ________ in a given time period
A) final goods produced in a country
B) final goods and services produced by citizens of a particular country regardless of where in the world they are located
C) final goods and services produced in a country by only the citizens of the country
D) final goods and services produced in a country
D
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What is the value of consumer surplus (CS) and producer surplus (PS) at equilibrium?
Consider the market for a Procter and Gamble biodegradable detergent. Suppose that market demand is QD = 120 – 3P, and market supply is QS = –50 + 2P, where P is the price per case and Q is the quantity in thousands per week.
What is the payoff for each firm in this one-shot game?
a. Both firms will earn 0 b. Firm A will earn 50 and firm B will earn -10 c. Firm A will earn -10 and firm B will earn 50 d. Both firms will earn 25
Both monopolistic competition and oligopoly are market structures
a. that fail to achieve the total surplus achieved by perfect competition. b. that feature only a few firms in each market. c. to which the concept of Nash equilibrium is frequently applied by economists. d. in which firms earn zero economic profit in the long run.
Describe the current status of unions in the United States and the major union organization
What will be an ideal response?