A recessionary gap exists when the level of full-employment output exceeds the equilibrium level of output

If differentiation makes the market demand curve less elastic, then

A) consumer surplus increases. B) the market structure changes into a monopoly. C) price markup over marginal cost is lower than when products are identical. D) price markup over marginal cost is higher than when products are identical.

Nominal gross domestic product is based on the existing prices at which final goods are actually sold

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