Oligopoly differs from perfect competition because a single competitive firm's behavior does not affect the behavior of its competitors while the behavior of a single oligopolistic firm does affect the behavior of its rivals

Real GDP =________ where the price level is the ________

A) Nominal GDP × Price level; GDP deflator B) Nominal GDP ÷ Price level; GDP deflator C) Nominal GDP ÷ Price level; CPI D) Nominal GDP × Price level; CPI E) none of the above

When the existing firms in a competitive industry have different operating costs:

a. the highest-cost firm in operation breaks even, while the low cost firms will earn profit. b. the highest-cost firm in operation breaks even, while the low cost firms leave the industry. c. the low cost firms earn a larger profit than the high-cost firms. d. the highest-cost firms will incur a deadweight loss.