Table 10-6
the Table Below Contains Data for the Country

question 325

Multiple Choice

Table 10-6
The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2009.Prices and Quantities
$$\begin{array} { c c c c c } \text { Year } & \text { Price of } & \text { Quantity af } & \text { Price af } & \text { Quantity af } \\& \text { Waffles } & \text { Waffles } & \text { Pancalkes } & \text { Pancalkes } \\\hline 2008 & \$ 2.00 & 100 & \$ 1.00 & 100 \\2009 & \$ 2.00 & 120 & \$ 2.00 & 150 \\2010 & \$ 2.00 & 150 & \$ 3.00 & 200 \\2011 & \$ 4.00 & 180 & \$ 3.00 & 220\end{array}$$
-Refer to Table 10-6. In 2009, this country's nominal GDP was

• A)$300.
• B)$390.
• C)$400.
• D)$540.

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Definitions:

Oligopoly

A market structure in which a small number of firms have the large majority of market share.

Cournot Model

An economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide independently of each other and at the same time.

Dominant Price Leader

A dominant firm that sets the price of a good or service within the market, which other firms then follow, often seen in oligopolistic markets.

Monopolist

An individual or entity that has exclusive control over the supply of a particular good or service, potentially influencing prices and market conditions.