In less than two years in the early 1920s, the cost of a German newspaper rose from 0.30 marks to 70,000,000 marks. This is a spectacular example of
a. market power caused by a change in the country's standard of living.
b. market power caused by a single firm controlling the newspaper production.
c. inflation caused by increased productivity in the economy.
d. inflation caused by an increase in the quantity of money in the economy.
d
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The price elasticity of demand for a good is 0.2 . A 10 percent rise in the price will _______ the total revenue from sales of the good
A. decrease B. increase C. decrease the quantity sold with no change in D. not change
Angela, Bonnie, and Carl are visiting the local paint store. Angela, owner of Angela's Artful Painting Co, is posting a Help Wanted sign because she is looking for more painters to join her crew. Bonnie, who is a sole proprietor, is placing an order for 12 gallons of green paint. Carl is a painter who is looking for a job and is reading the bulletin board in the paint shop. Who is operating in
the short run? a. Angela and Bonnie b. Angela and Carl c. Angela only d. Bonnie only e. Carl only
When marginal revenue is zero,
A. P = MR. B. P < MR. C. a small increase in price causes no change in total revenue. D. a small decrease in price causes no change in total revenue. E. both c and d
When the economy goes through ups and downs over time:
A. it affects the supply of labor. B. economists call this pattern the business cycle. C. it is not reflected by changes in GDP growth. D. All of these are true.