Author Question: Refer to the scenario above. If the market for Good Y is monopolistically competitive, a firm ... (Read 46 times)

berenicecastro · **on:** Jun 29, 2018

Refer to the scenario above. If the market for Good Y is monopolistically competitive, a firm producing Good Y will shut down production in the short run if price falls below ________.

A) 60
B) 200
C) 120
D) 50

Question 2

Household production, such as baking bread at home, is not included in GDP because it

A) has better quality than the bread in the store.
B) has lower quality than the bread in the store.
C) does not add anything of value to GDP.
D) does not involve a market transaction.
E) is not really production.