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Author Question: Which of the following is included in U.S. GDP? i. the rental value of homes owned by U.S. ... (Read 66 times)

stevenposner

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on: Jun 29, 2018
Which of the following is included in U.S. GDP?
 
  i. the rental value of homes owned by U.S. citizens
  ii. the production of Suburban SUVs by GM in its plant in Mexico
  iii. tickets sold by U2 for concerts held in the United States
  A) ii only
  B) ii and iii
  C) i, ii and iii
  D) i and iii
  E) i only

Question 2

Compare the outcome in a market with a single-price monopoly to that in a perfectly competitive market.
 
  What will be an ideal response?


6ana001

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

D

Answer to Question 2

The monopoly charges a higher price and produces less output than in a perfectly competitive market. The monopoly creates a deadweight loss by producing less than the efficient quantity of output, whereas a perfectly competitive market produces the efficient quantity of output and so has no deadweight loss. The monopoly decreases consumer surplus and increases producer surplus from what they would be if the market is perfectly competitive.


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