Which of the following statements is true?
a. The inclusion of intermediate goods and services into GDP calculations would underestimate our nation's production level.
b. The expenditures approach sums the compensation of employees, rents, profits, net interest, and nonincome expenses for depreciation and indirect business taxes.
c. Real GDP has been adjusted for changes in the general level of prices due to inflation.
d. Real GDP equals nominal GDP multiplied by the GDP deflator.
c
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Comparing the monopoly firm with a perfectly competitive firm reveals that:
a. the competitive firm sells less quantity. b. the monopoly firm charges a lower price. c. the competitive firm's price is above MC. d. None of these is revealed when the two firm are compared.
A price-discriminating monopoly is a monopoly that
A) sells its output at a single price to all of its customers. B) sells different units of a good or service at different prices. C) has control over the resources used to produce the product. D) has a license to sell the product. E) illegally charges different customers different prices for the good it produces.