Real GDP per person in the United States was $9,864 in 1950. Over the next 48 years, it grew at a compound annual rate of 2.0%. If, instead, real GDP per person had grown at an average compound annual rate 2.5%, then real GDP per capita in the United States in 1998 would have been approximately ________ larger.

Suppose that each of 10,000 perfectly competitive firm in an industry produces 1,000 units of a good and earns an economic profit when the price of the good is $10. In the long run, definitely

A) each firm increases its production above 1,000 units. B) the number of firms is more than 10,000. C) consumer surplus decreases. D) producer surplus increases. E) the number of firms is less than 10,000.

The Nifty Gum Co has purchased a large parcel of land for $1 million. The company recently discovered that the land is contaminated and is worthless to all possible buyers. The opportunity cost of the land is

A) $0. B) $1 million. C) some amount greater than $0 but less than $1 million. D) equal to the cost of the factory that was planned to be built there.