?Long-run economic growth in the United States is best measured using
Answer: Real GDP per? capita, which has been trending strongly upwards over the past century.
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The gross domestic product (GDP) concept accounts for society's valuation of the relative worth of goods and services by using a ________.
A. utility measure B. monetary measure C. measure of volume D. measure of physical weight
The greater the product differentiation between monopolistically competitive firms
A) the lower the barriers to entry. B) the greater the price elasticity of demand. C) the higher the average variable costs. D) the lower the price elasticity of demand.
According to the graph shown, if a firm is producing at Q1:
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
A. profits are being maximized.
B. average total costs exceed the market price.
C. the firm should not increase production because it will earn loss.
D. marginal revenue is greater than average total cost.
Which is a major criticism of a monopoly as a source of allocative inefficiency?
A. A monopolist will always make profits and that means that prices are too high. B. A monopolist has an unfair advantage because it can purchase labor at a lower price than competitive firms in other industries. C. A monopolist has no incentive to produce efficiently because even the inefficient monopolist can be assured of economic profits. D. A monopolist fails to expand output to the level where the consumers' valuation of an additional unit is just equal to the monopolist's opportunity cost.