In pure competition, each extra unit of output that a firm sells will yield a marginal revenue that is:

Potential GDP is the level of

A) real GDP that the economy would produce if it was at full employment. B) nominal GDP that the economy would produce if it was at full employment. C) real GDP that the economy would produce if there was no inflation. D) nominal GDP that the economy would produce if there was no inflation. E) real GDP that the economy would produce if there was no unemployment.

You would expect the demand for food to be more inelastic than the demand for cookies

Indicate whether the statement is true or false