An increase in _____ will shift the SRAS curve
Fill in the blank(s) with the appropriate word(s).
expected inflation, but not actual inflation
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Firms tend to raise the price of their goods after acquiring a firm that sells a substitute good because
a. They lose market power b. There is an increase in the overall demand for their products c. The bundle has a more elastic demand than individual goods d. The bundle has a more inelastic demand than individual goods
The GDP figure does not accurately reflect economic welfare because
a. it does not include non monetary transactions. b. the value of goods produced in the home is usually overstated. c. it includes only consumption goods and services. d. it usually includes an overstated estimate of social costs.
Ashley recently got a 15 percent raise. She now purchases 7.5 percent more coffee. Ashley's income elasticity for coffee is
a. 0.5. b. 0.75. c. 1.5 d. 2.
Related to the Economics in Practice on p. 83: The initial price of $0 for the Shakespeare in the Park tickets is akin to the city of New York ________ the tickets.
A. assigning favored customer status for B. issuing a price ceiling on C. issuing a price floor on D. issuing ration coupons for