Give me proper answer with full explanation otherwise i give multiple downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. The production of LCD television sets in Australia increased by 20% this year as compared to last year. Those TV sets were no less advanced technologically than the sets sold inprevious years. However, the value of the contribution LCD television sets made to Australia's nominal GDP during this year was the same as the previous year.Which of the following, if true, would best explain this outcome?A. In the past year, the price of LCD TV sets in Australia has increased by a larger percentage than the percentage increase in the number of television sets produced.B. The size of the market for LCD televisions in Australia is smaller than the size of the market for LCD televisions in other countries.C. The price of LCD television sets declined in the past year.D. The increase in demand for LCD TV sets in Australia outweighed the increase in production this year.E. The contribution of competing products to this year's nominal GDP also remained unchanged.

The production rate of LCDs increased in Australia by 20%. The quality of LCDs remains the same for…

Answered: The production of LCD television sets…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

Give me proper answer with full explanation otherwise i give multiple downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

The production of LCD television sets in Australia increased by 20% this year as compared to last year. Those TV sets were no less advanced technologically than the sets sold in
previous years. However, the value of the contribution LCD television sets made to Australia's nominal GDP during this year was the same as the previous year.
Which of the following, if true, would best explain this outcome?
A. In the past year, the price of LCD TV sets in Australia has increased by a larger percentage than the percentage increase in the number of television sets produced.
B. The size of the market for LCD televisions in Australia is smaller than the size of the market for LCD televisions in other countries.
C. The price of LCD television sets declined in the past year.
D. The increase in demand for LCD TV sets in Australia outweighed the increase in production this year.
E. The contribution of competing products to this year's nominal GDP also remained unchanged.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions