Nominal GDP increases
A) only if total production increases.
B) only if prices increase.
C) if either prices and/or total production increase.
D) only if the productivity of resources increase.
E) only if depreciation decreases.
Question 2
La Dila and Swiss Pro are the only two firms in an industry. The firms charge equal prices for their products, which are perfect substitutes. La Dila decides to lower its price slightly. Swiss Pro responds by cutting its price further.
This price cutting will continue as long as each firm's ________. A) price is lower than marginal cost
B) price is higher than marginal cost
C) price is higher than zero
D) price is higher than the average fixed cost
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