A profit-maximizing monopolist will never produce on the elastic segment of its demand curve

In Figure 5.1, during the period between the early 1970s and 1980, real GDP grew at a faster rate than nominal GDP. This is an indication that

A. Average price levels increased. B. Production increased at a slower rate than average price increased. C. Production increased at a faster rate than average price increased. D. Average price levels decreased.

Explicit costs

A. Include the market value of all resources used to produce a good. B. Are the total opportunity costs of resources used to produce a good. C. Include only payments to entrepreneurship. D. Are the sum of actual monetary payments made for the use of resources.