The implicit GDP deflator is
A) nominal GDP divided by real GDP.
B) nominal GDP times real GDP.
C) real GDP divided by nominal GDP.
D) the zero economic growth society.
A
Economics
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The assumption that a perfectly competitive industry has many sellers, each selling an identical product, leads to the conclusion that
A) consumers get to see a variety of outputs. B) there are many buyers. C) the economic profit will be positive in the long run. D) firms are price takers.
Economics
When an economy's limited resources are moved into the production of one commodity, the production of a valuable alternative has to be foregone. This most valuable alternative lost is referred to as:
a. the marginal cost. b. the opportunity cost. c. the sunk cost. d. the fixed cost.
Economics