Final goods and services are ________ production and ________ counted in GDP.
A. the end products of; are not
B. the end products of; are
C. used up in the process of; are not
D. used up in the process of; are
Answer: B
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Which of the following always causes a deviation from perfect competition?
a. a government subsidy b. a large number of sellers c. a standardized product d. a large number of buyers
In the above figure, the equilibrium price of a paperback book is $6 per book and the equilibrium quantity is 3 million books. The National Literature Board convinces the government to impose a price ceiling of $3 per book
At this price, the quantity of books supplied to the market will be A) 3 million a month and will equal the quantity demanded. B) less than 3 million a month and will exceed the quantity demanded. C) less than 3 million a month and will be less than the quantity demanded. D) more than 3 million a month and will exceed the quantity demanded.