The table below shows the total output and prices for an economy that produces only two goods,potatoes and oil.Data is provided for the years 2005 and 2015.
Quantities Produced Prices
TABLE 20-6
-Refer to Table 20-6.What is the real GDP for 2015 if 2005 is the base year?
Definitions:
Comparison Shop
The act of evaluating similar products or services from different suppliers to determine the best combination of quality, price, and service.
Prestige Pricing
A pricing tactic that involves pricing a product higher than competitors to signal that it is of higher quality.
Superior Quality
Refers to the highest standard of product or service performance that significantly exceeds the requirements and expectations of customers.
Odd Pricing
A pricing strategy that sets prices just below round numbers (e.g., $19.99 instead of $20) to psychologically appeal to consumers by seeming lower.
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