Which product is most likely to be the most price elastic?

Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market in which firms are breaking even, economically, organic produce is considered a normal good, and the average income level of consumers is rising?

A) Panel A B) Panel B C) Panel C D) Panel D

GDP is: a. the total value of all consumer expenditures within a given period

b. national income after taxes. c. the total value of all final goods and services plus intermediate goods and services produced domestically within a given period. d. the value of all final goods and services produced domestically within a given period.