Table 171 Refer to Table 17

question 83

Multiple Choice

Table 17.1 $\begin{array}{|c|c|c|}\hline \text { Year } & \text { Real GDP } & \text { Population } \\\hline 1 & \$ 575 \text { billion } & 22 \text { million } \\\hline 2 & \$ 580 \text { billion } & 24 \text { million } \\\hline 3 & \$ 605 \text { billion } & 25 \text { million } \\\hline 4 & \$ 606 \text { billion } & 27 \text { million } \\\hline\end{array}$

Refer to Table 17.1.GDP per capita was the

• A)Greatest in year 1.
• B)Greatest in year 2.
• C)Greatest in year 3.
• D)Same each year.

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Definitions:

Industry Supply

The total output of goods or services that producers in an industry are willing and able to sell at different price levels, during a certain time period.

Long-run Supply Curve

A graphical representation showing the relationship between market price and the amount of goods supplied by producers, considering all factors of production can be varied.

Competitive Industry

An industry with many firms competing against each other, with no single firm dominating the market.

Relevant Resources

Resources that are directly applicable and valuable in achieving a specific goal or solving a particular problem.