Which of the Following Correctly Lists What Is Included in the Consumption

question 21

Multiple Choice

Which of the following correctly lists what is included in the consumption component of GDP?

• A)household purchases of services and household purchases of nondurable goods but not any household purchases of durable goods
• B)household purchases of nondurable goods and durable goods other than residential construction but not household purchases of services
• C)household purchases of services,nondurable goods,and all durable goods
• D)household purchases of services,nondurable goods,and durable goods other than residential construction

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Definitions:

Dominant Firms

Companies that hold a major portion of market share in their industry, influencing market conditions.

New Products

Items that have been recently introduced to the market, offering new features, benefits, or technological advancements.

Marginal Cost

The cost added by producing one additional unit of a product or service, essential for understanding profitability and production efficiency.

R&D Expenditures

Funds allocated towards research and development activities by businesses, government, or organizations.