If Hotdogs Cost $2 This Year and $3 Next Year

question 167

Multiple Choice

If hotdogs cost $2 this year and $3 next year, then 100 hotdogs will contribute

• A)$200 to this year's nominal GDP and $166 to next year's nominal GDP.
• B)$200 to this year's real GDP and $300 to next year's real GDP.
• C)the same dollar amount to each year's nominal GDP because hotdogs are intermediate goods.
• D)$200 to this year's nominal GDP and $300 to next year's nominal GDP.

Identify the effects of tacit collusion among firms in an oligopoly.

Analyze the implications of the Cournot model on firm behavior and market outcomes.

Distinguish between different types of oligopoly models such as Cournot, price leadership, and collusion.

Understand the significance of the Five Forces Model in determining market structure.

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Definitions:

General Shape

A term referring to the basic geometric or visual form of an object.

Simple Squamous Epithelium

A single layer of flat cells lining surfaces involved in diffusion and filtration, such as blood vessels and air sacs of lungs.

Endothelium

The layer of cells that lines the heart, blood vessels, and lymphatic vessels, functioning as a selective barrier.

Simple Columnar

Referring to a type of epithelial tissue made up of a single layer of tall, closely packed cells, involved in secretion and absorption.