An increase in the price of bread produced domestically will be reflected in
a. both the GDP deflator and the consumer price index.
b. neither the GDP deflator nor the consumer price index.
c. the GDP deflator but not in the consumer price index.
d. the consumer price index but not in the GDP deflator.
a
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Indicate whether the statement is true or false
The pig farm industry is perfectly competitive. Which of the following is true?
a. Since the industry is perfectly competitive, price and quantity are at the socially efficient levels. b. The competitive price is higher and quantity lower than the socially efficient point. c. The competitive price is higher and quantity higher than the socially efficient point. d. The competitive price is lower and quantity higher than the socially efficient point.