Figure 15-1 -Refer to Figure 15-1. the Shape of the Average Total

question 172

Multiple Choice

Figure 15-1
-Refer to Figure 15-1. The shape of the average total cost curve in the figure suggests an opportunity for a profit-maximizing monopolist to take advantage of

• A)economies of scale.
• B)diseconomies of scale.
• C)diminishing marginal product.
• D)increasing marginal cost.

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Definitions:

Net Domestic Product

A measure of a nation's total economic output, adjusted for depreciation; it is the gross domestic product (GDP) minus the depreciation on a country’s capital goods.

National Income

The total amount of money earned within a country from the production of goods and services over a specified period, usually a year.

GDP Deflator

An economic metric that converts output measured at current prices into constant-dollar GDP, stripping out the effects of inflation.

GDP

Gross Domestic Product, a measure of the total economic output of a country within a specific time period.