« previous next »

Author Question: Which of the following is included in U.S. GDP? i. the rental value of homes owned by U.S. ... (Read 51 times)

stevenposner

  • Hero Member
  • *****
  • Posts: 608
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

  • Sr. Member
  • ****
  • Posts: 311
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

Hip fractures are the most serious consequences of osteoporosis. The incidence of hip fractures increases with each decade among patients in their 60s to patients in their 90s for both women and men of all populations. Men and women older than 80 years of age show the highest incidence of hip fractures.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Did you know?

The U.S. Preventive Services Task Force recommends that all women age 65 years of age or older should be screened with bone densitometry.

Nebulizer. The nebulizer converts a liquid medication to a mist that is easily inhaled. A face mask, Nebulizer. The nebulizer converts a liquid medication to a mist that is easily inhaled. A face mask,
W. A. Rogers’s engraving, “Out of the Game,” showed one injured boy tending to another. It appeared W. A. Rogers’s engraving, “Out of the Game,” showed one injured boy tending to another. It appeared
When teenagers live in single-parent homes, a good relationship with grandparents is related to ... When teenagers live in single-parent homes, a good relationship with grandparents is related to ...
Many households today include young adults who have not moved out of their parents’ homes (or who ... Many households today include young adults who have not moved out of their parents’ homes (or who ...
Programs such as Meals on Wheels provide hot meals to elderly adults who cannot leave their homes Programs such as Meals on Wheels provide hot meals to elderly adults who cannot leave their homes
Children who witnessed violence in their homes Children who witnessed violence in their homes
Video: Barriers - eye structures, digestive mucosa, respiratory mucosa & genitourinary mucosa

For a complete list of videos, visit our video library