Which of the following is characteristic of a purely competitive seller's demand curve?
A. Price and marginal revenue are equal at all levels of output.
B. Average revenue is less than price.
C. Its elasticity coefficient is 1 at all levels of output.
D. It is the same as the market demand curve.
Answer: A
Economics
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In computing GDP, new home construction adds to
A. consumption. B. investment. C. government spending. D. net exports.
Economics
Assume that a grower of flower bulbs sells its annual output of bulbs to an Internet retailer for $80,000. The retailer, in turn, brings in $155,000 from selling the bulbs directly to final customers. What amount would these two transactions add to personal consumption expenditures and thus to GDP during the year?
What will be an ideal response?
Economics