Which of the following would not be included in the consumption component of GDP?
a. Movie ticket sales
b. Purchase of a new home
c. Medical bills
d. Clothing purchases
e. Home electricity bills
B
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The possible alternatives for an oligopoly range from the monopoly case with ________ to the perfectly competitive case with ________
A) high output; low output B) low prices; high prices C) low profits; high profits D) low output; high output E) no cooperation among the firms; much cooperation among the firms
The aggregate production function is bowed or concave because
A) of the diminishing marginal returns of labor. B) restriction in capital mobility. C) of the speed of payment systems. D) the learning curve for labor.
The solar window manufacturing industry is an example of _____ because it comprises many firms wanting to sell similar but differentiated products
a. monopolistic competition b. oligopoly c. monopoly d. oligopolistic competition
The owner of a pizza shop observes that when she raises the price of a large pizza, her total revenue decreases, and when she lowers the price of a large pizza, her total revenue increases. This suggests that:
A. the demand for her large pizzas is inelastic with respect to price. B. there are few good substitutes for a large pizza. C. the demand for her large pizzas is elastic with respect to price. D. pizza lovers act irrationally.