Monopolistically competitive firms, like monopoly firms, maximize their profits by charging a price that exceeds marginal cost

Explain how it is possible for a recently retired postal worker to be more wealthy than a rookie professional football player even though it is widely recognized that football players earn more than postal workers

What will be an ideal response?

The GDP deflator is calculated as (Real GDP / Nominal GDP) × 100

a. True b. False Indicate whether the statement is true or false