In Vidalia,real GDP Increased by 6% and the Population Increased

question 28

Multiple Choice

In Vidalia,real GDP increased by 6% and the population increased by 9% in 2012.In 2012,Vidalia experienced

• A)economic growth,but not an increase in living standards.
• B)economic growth and an increase in living standards.
• C)no economic growth,but an increase in living standards.
• D)an economic decline.

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Definitions:

Monopolist

A monopolist is a sole provider of a product or service in a market, possessing significant market power to set prices above competitive levels due to lack of competition.

Perfect Competition

A market structure characterized by an infinite number of small firms, homogeneous products, free entry and exit, and perfect information, leading to firms being price takers.

MR

Short for Marginal Revenue, it refers to the increase in total revenue that results from selling one additional unit of a product or service.

MC

In economics, refers to marginal cost, which is the increase in total cost that arises from producing an additional unit of output.