If Country A's real GDP is growing at 6 percent per year and Country B's real GDP is growing at 6 percent per year, then the standard of living is

A) growing more rapidly in Country A.
B) higher in Country B.
C) changing at the same rate in Country A and Country B.
D) growing more slowly in Country A.
E) changing at the same rate in Country A and Country B only if the rate of population growth is the same in both countries.

E

Economics

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Assume that for a particular firm's output price = $80, marginal cost = $30, average total cost = $25. This information suggests that the firm in question has:

A) no market power. B) very little market power. C) a fair degree of market power. D) absolute market power.

Economics

Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in producer surplus is

A) 25. B) 5. C) 12.5. D) 20.

Economics