Most economists believe that the biases in the consumer price index cause the CPI to overstate the true inflation rate by about
A) one quarter percentage point. B) one to two percentage points.
C) one and one-half percentage points. D) one-half to one percentage point.
D
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Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Quick Buck cheats by reducing its price to $1 while Pushy Sales continues to comply with the collusive agreement, then Quick Buck's economic profit will be ________.
A. $3,000 B. $6,000 C. $4,000 D. $2,000
Since World War II, about ______ out of every ten family farms have disappeared.
A. one B. three C. five D. seven
For a natural monopoly, the marginal cost of producing an additional unit of its product is relatively small
Indicate whether the statement is true or false
Condorcet explained his paradox in a 1951 book called Social Choice and Individual Values
a. True b. False Indicate whether the statement is true or false