Of the Following,the Best Example of a Perfectly Competitive Industry

question 8

Multiple Choice

Of the following,the best example of a perfectly competitive industry is

• A) music stores.
• B) beer.
• C) cigarettes.
• D) corn.

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Definitions:

GNP

Gross National Product is the total dollar value of all goods and services produced over a specific time period by the nationals of a country, regardless of where the production takes place.

GDP

Gross Domestic Product; the total value of all goods and services produced over a specific time period within a country.

Per Capita GDP

The average economic output per person, calculated by dividing the Gross Domestic Product (GDP) of a country by its total population.

GPI

Genuine Progress Indicator, an alternative measure to GDP that takes into account the environmental and social costs of economic activity.