The Alternative Combinations of Final Goods and Services That Can

question 139

Multiple Choice

The alternative combinations of final goods and services that can be produced with all available resources and technology are the

• A)Real GDP.
• B)Nominal GDP.
• C)Production possibilities.
• D)Net domestic product.

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Definitions:

Inelastic Demand Functions

Demand functions that represent situations where the quantity demanded of a good or service changes very little in response to changes in its price.

Monopolist

An individual or entity that is the sole provider of a particular product or service in a market, enabling control over prices.

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activity.

Markets

Places or systems where buyers and sellers engage in exchange of goods, services, and information.