The absolute price of a good is its
A) relative price.
B) money price.
C) subjective price.
D) projected price.
B
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The line segment QR describes the region where
A. increases in output do not cause higher prices because of a large portion of unemployed resources.
B. prices and output increase together.
C. increases in prices do not generate any increase in output.
D. increases in prices cause decreases in output.
P-TV and QRS-TV are trying to decide whether to air a sitcom or a reality show in a given time slot. Viewers like both sitcoms and reality shows, but sitcoms are more expensive to produce than reality shows since real actors need to be hired. QRS-TV makes its decision first, and then P-TV observes that choice before making its decision. Both stations know all of the information in the decision tree below.
Given the information in this decision tree, if QRS-TV announces that it will air a reality show, it can expect to:
A. lose $5 million. B. earn $10 million. C. earn $20 million. D. earn $5 million.
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.
Behavioral economists and traditional economists both believe that everything matters.
Answer the following statement true (T) or false (F)