The process of commercializing a new technology is called

Suppose real GDP was 120 in year 1 and 156 in year 2. The growth rate of real GDP is

A) 5.6 percent. B) 18 percent. C) 30 percent. D) 36 percent.

What makes it extremely difficult for cartels to function effectively without government assistance?

A) Cartel members cannot agree among themselves on the optimum price because all have different costs. B) High prices encourage cartel members to offer discounts, and they attract new entrants to the industry. C) Marginal cost will not equal marginal revenue except at output levels beyond the cartel's capacity. D) Public interest considerations usually require an output greater than the cartel's net revenue maximizing output. E) The hostility of the public to price exploitation makes it difficult for the cartel to defend itself against the consequences of popular hostility.