PPP is the acronym for:
A. producer purchasing power.
B. producer power parity.
C. purchasing power parity.
D. purchasing price power.
Answer: C
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A consumer expenditure survey reports the following information on entertainment spending: 20082009 PriceQuantityPriceQuantityMovies$75$87Concerts$302$352CDs$167$1510 Using 2008 as the base year, by how much does a "cost of entertainment" index increase between 2008 and 2009?
A. 13.4 percent B. 8.6 percent C. 3.9 percent D. 29.4 percent
At a monopolistically competitive firm's current level of product development, marginal revenue of product development is greater than its marginal cost. The firm will ________
A) sell only new products B) increase product development only if the consumer benefits C) decrease product development D) increase product development
If firms do not increase their quantity supplied when price changes, then supply is
A) elastic. B) perfectly inelastic. C) relatively inelastic. D) perfectly elastic.
A cartel is a group of firms with an implicit, informal agreement to fix prices and output shares in a particular market.
Answer the following statement true (T) or false (F)