For the following question(s) , suppose that an economy produces only food and clothing, and that price and quantity data are given in the table below.
-Year 1 nominal GDP is
Definitions:
Perfect Competitor
A firm in a market structure where it takes the prevailing market price as given and decides its output level without being able to influence the market price.
Long Run
A period in economics during which all factors of production and costs are variable, and firms can enter or exit the industry.
Monopolistic Competitor
A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power in setting prices.
Demand
The desire and ability of consumers to purchase goods and services at given prices.
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