Due to Pigou's "defective telescopic faculty," a market economy is inefficient in allocating resources between the present and the future

The key characteristics of a monopolistically competitive market structure include

A) few sellers. B) sellers selling similar but differentiated products. C) high barriers to entry. D) sellers acting to maximize revenue.

The purchase of a computer by a person for household use would be counted in what category of GDP?

A. The purchase is included as part of investment. B. The purchase is not included in GDP at all, but the value of services the computer gives is included in consumption each year. C. The purchase is counted as consumption if the computer was manufactured in the United States; otherwise, it is ignored. D. The purchase is always counted as consumption.