An open economy has ________ included in the GDP

Profit-maximizing industrialists are concerned with both revenues and costs. Transportation and production costs are an important part of total costs. Both are impacted by

(a) location and power sources. (b) the cost of managing large quantities of productive resources found anywhere along the production chain. (c) the ability to concentrate or group resources in the same place. (d) all of the above.

Which of the following will cause a decrease in producer surplus?

a. the imposition of a binding price ceiling in the market b. an increase in the number of buyers of the good c. income increases and buyers consider the good to be normal d. the price of a complement decreases