The measure of production that values output using base-year ...

[DyllonKazuo]

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?

[prumorgan]

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]

Thanks for the timely response, appreciate it

[hramirez205]

Excellent