A retired athlete built a gym near his house that could be used for free by all the residents in the neighborhood. However, the overuse of the facilities soon led to irreparable damages. This is an example of the ________

Compared to a firm under perfect competition, a monopolist:

A) charges less and produces less. B) charges less and produces more. C) charges more and produces less. D) charges more and produces more.

A Texas household receives a Social Security check for $1500, which it uses to purchase a $40 pair of shoes made in Thailand by a Thai firm, a $1240 television made by a Korean firm in Korea, and $220 on groceries from a local store. As a result, U.S. GDP

a. increases by $40. b. increases by $220. c. increases by $280. d. increases by $1500.