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Author Question: The measure of production that values output using base-year prices is called A) underground GDP. ... (Read 76 times)

DyllonKazuo

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on: Jun 29, 2018
The measure of production that values output using base-year prices is called
 
  A) underground GDP. B) nominal GDP.
  C) real GDP. D) value-added GDP.

Question 2

What differentiates an increasing-cost industry from a decreasing-cost industry?
 
  What will be an ideal response?


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prumorgan

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

An increasing-cost industry is an industry that has external diseconomies of scale. This implies that the long-run industry supply curve is upward sloping. A decreasing-cost industry has external economies of scale. In this type of industry, the long-run industry supply curve is downward sloping.


DyllonKazuo

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

kjohnson

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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