With price leadership,
a. price equals marginal cost
b. the industry output is generally greater than a competitive industry
c. prices are set by explicit collusion
d. firms price discriminate among different classes of customers
e. there is no formal agreement regarding prices
E
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Any factor of production is capital if it:
A) was produced and can be used to produce other goods and services. B) generates utility. C) uses human effort to produce goods and services. D) is included in financial capital.
Using the expenditure approach, which of the following is added to consumption, investment, and government purchases to arrive at GDP?
a. The value of "free" household services provided by at-home spouses rather than a paid cook, maid, and baby sitter. b. The value of resale goods produced in the economy. c. The unpaid-for services provided by the natural environment, such as breathable air. d. The value of exports minus the value of imports.