Suppose that the price of one gallon of milk was $0.25 in 1950, that the CPI in 1950 was 25, and that in 2000 the CPI was 200.What is the price of a 1950 gallon of milk in 2000 dollars?
The price of a 1950 gallon of milk in 2000 dollars is $2.
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Because low tariffs have a high ratio of benefits to costs, they are an especially efficient way for nations to achieve full employment and growth
Indicate whether the statement is true or false
Accounting profits are calculated by subtracting which of the following from total revenues?
a. Explicit costs, including depreciation b. Total costs c. The sum of explicit and implicit costs d. Implicit costs, excluding depreciation
In the graph shown above, if market price were $23 there would be
A. a surplus.
B. a shortage.
C. a surplus and a shortage.
D. neither a surplus nor a shortage.
At any point where a monopolist's marginal revenue is positive, the downward-sloping straight-line demand curve is:
A. perfectly elastic, as is the perfectly competitive firm's. B. elastic but not perfectly elastic, and a perfectly competitive firm's demand curve is perfectly elastic. C. elastic but not perfectly elastic, and a perfectly competitive firm's demand curve is perfectly inelastic. D. inelastic, while a perfectly competitive firm's demand curve is perfectly elastic.