To adjust nominal GDP for a given year to obtain real GDP, it is necessary to divide nominal GDP by the price index (expressed in hundredths) for that year.
Answer the following statement true (T) or false (F)
True
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Shama is producing candles in a perfectly competitive market. When she produces 500 candles, her total cost is $250. If she produces one additional candle, her total cost increases to $260
In order to maximize her profit, she should produce the additional candle A) if the market price for a candle is $12. B) only if the market price exceeds $260 for a candle. C) only if the market price exceeds $250 for a candle. D) if the market price for a candle exceeds $0.50. E) if her price exceeds her average total cost.
Refer to Figure 15-11. Following the entry of Verizon, the subscription price falls from PM to PC. What is the increase in consumer surplus as a result of this change?
A) the area D + F B) the area B + C C) the area A + B + C D) the area B + C + D
The change in the quantity demanded of any good is always caused by:
a. a change in consumers' preferences for that good. b. a change in the general income levels of the consumers who buy that good. c. an increase or decrease in the population. d. a change in the price of that good. e. a change in the price of substitute goods.
When moving along a demand curve, which of the following changes?
A) the consumers' incomes B) the price of the good C) the number of buyers D) the consumers' preferences E) the prices of other goods