Answer the Question(s) Based on the Following Data, Using Year

question 22

Multiple Choice

Answer the question(s) based on the following data, using year 1 as the base year.All dollars are in billions. Refer to the above data.Real GDP in year 2 was approximately:

• A)$3,245 billion.
• B)$3,271 billion.
• C)$3,295 billion.
• D)$3,402 billion.

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Definitions:

Marginal Revenue

The additional income that a firm generates from selling one more unit of a good or service.

Graphing Calculators

Portable, handheld calculators capable of plotting graphs, solving simultaneous equations, and performing other tasks with variables.

Monopoly

A market structure characterized by a single seller selling a unique product in the market.

Marginal Revenue

The additional income earned from selling one more unit of a good or service.