Which of the following is used to calculate real GDP
a. Real GDP equals nominal GDP subtracted by price index multiplied by 100.
b. Real GDP equals nominal GDP plus price index divided by 100.
c. Real GDP equals nominal GDP multiplied by price index divided by 100.
d. Real GDP equals nominal GDP divided by price index multiplied by 100.
d. Real GDP equals nominal GDP divided by price index multiplied by 100.
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An industry whose total output can be increased without a change in long-run per-unit costs is a(n)
A) increasing-cost industry. B) constant-cost industry. C) break-even cost industry. D) decreasing-cost industry.
Higher rates of substitution are indicated by _______ values of the marginal rate of substitution.
A. small negative B. large negative C. small positive D. large positive
GDP excludes:
A. the market value of unpaid work in the home. B. the production of services. C. the production of nondurable goods. D. positive changes in inventories.
Define price discrimination. What factors must be present in order for a monopolist to price discriminate? Why do firms price discriminate?
What will be an ideal response?