A good's real price is the:
A. dollar price of the good relative to the average dollar price of all other goods and services.
B. average dollar price of the good.
C. dollar price of the good relative to the real price of all other goods and services.
D. absolute price of the good in dollar terms.
Answer: A
You might also like to view...
To exercise the law of comparative advantage, a nation
a. must produce some goods using fewer resources than its trading partner. b. does not have to produce any goods using fewer resources than its trading partner. c. must produce some goods on an equal footing with its trading partner. d. must show a lower absolute cost of production than its trading partner.
Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market in which some firms are earning short-run economic profits, and the Surgeon General announces that switching from non-organic produce to organic
produce will add 5 years to the average life span of consumers? A) Panel A B) Panel B C) Panel C D) Panel D
Draw a graph showing the long-run average cost curve for a firm that experiences economies of scale.
What will be an ideal response?
Monitoring is often used by firms in an attempt to decrease
A) shirking. B) piece rates. C) adverse selection. D) signaling.