If product price increases, then:
A. MP will increase.
B. MFC will increase.
C. MRP will increase.
D. MP will decrease.
Answer: C
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As currently calculated, the CPI tends to overstate the true inflation rate because
A) we cannot know what the true inflation rate is. B) it fails to correctly measure quality changes for some products. C) the market basket selected is inappropriate. D) the market basket fails to weigh housing costs sufficiently.
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What price does KGC charge per unit when it sells 5,000 cubic years of concrete per year?
A. $12.50 B. $25.00 C. $37.50 D. $50.00
Suppose the price elasticity of demand for your economics textbook is -1 . If the publisher raises the price by 5 percent,
a. revenues will rise 5 percent b. quantity demanded will rise 5 percent c. total revenues will not change d. revenues will fall e. revenues will fall 5 percent
A firm's short-run supply curve is its marginal cost curve above its average variable cost curve.
Answer the following statement true (T) or false (F)