Gross domestic product
a. is the sum of all exchanges of goods and services during a period.
b. includes financial transactions such as the purchase of stocks or bonds traded during a period.
c. is the sum of expenditures for both intermediate and final user goods.
d. is the sum of the total spending on all final-user goods and services produced domestically during a period.
D
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The marginal cost and total revenue of a firm are $5 and $275, respectively. The reservation value of the seller in this case is ________
A) $0 B) $5 C) $55 D) $275
In order for a market to be classified as an oligopoly,
a. there must be fewer than 10 firms b. the four largest firms must have 90 percent of the market c. there must be fewer than 5 firms d. the firms must be strategically interacting e. the firms must be strategically independent