During This Year,nominal GDP in Syldavia Was $720 Billion and Real

question 41

Multiple Choice

During this year,nominal GDP in Syldavia was $720 billion and real GDP was $720 billion.The GDP price index in Syldavia in this year was

• A)0,because nominal GDP equaled real GDP.
• B)100.
• C)720.
• D)-1.
• E)720 billion.

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Definitions:

Oligopoly

A business environment where only a few enterprises have strong dominance in controlling market prices and the competitive landscape.

Marginal Cost

The monetary cost of fabricating one more unit of a product or service.

Marginal Revenue Curve

A graphical representation showing how marginal revenue varies with changes in quantity sold.

Kinked

Often relating to the kinked-demand curve seen in oligopolistic markets, where firms face a price elasticity that abruptly changes as prices increase or decrease.