Since 1962, which of the following federal expenditures, measured as a percentage of GDP, has decreased?

When a single firm can produce output over the relevant range of demand more efficiently than two or more firms can, because of the existence of economies of scale, we have: a. perfect competition

b. monopolistic competition. c. diseconomies of scale. d. a natural monopoly.

Last year, Bentley bought a bond for $1,000 that promises to pay $115 a year. This year, a person who buys a bond for $1,000 receives $125 a year. If Bentley were to sell his (old) bond, its price would be approximately

A) $920. B) $1,125. C) $1,087. D) $1,350.