Which of the following statements about price stickiness or flexibility is true?
A.
Prices of many raw materials are less flexible than the prices of final goods and services
B.
Prices of many raw materials are much more flexible than the prices of final goods and services
C.
Prices of many raw materials are about as flexible as the prices of final goods and services
D.
Prices of many raw materials are only slightly more flexible than the prices of final goods and services
B.
Prices of many raw materials are much more flexible than the prices of final goods and services
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Barometric price leadership exists when
A) one firm in the industry initiates a price change and the others may or may not follow. B) one firm imposes its best price on the rest of the industry. C) when all firms agree to change prices simultaneously. D) when one company forms a price umbrella for all others.
If the economy is to the left of the potential GDP, what is the economy experiencing?
a. Frictional unemployment b. Natural unemployment c. Cyclical unemployment d. Structural unemployment
Many economists would argue that some frictional unemployment
A. creates massive economic disruptions and should be eliminated as quickly as feasible. B. cannot and probably should not be eliminated. C. no longer exists because increased unemployment benefits have generally solved this problem. D. should be eliminated whatever the cost.
Refer to the information provided in Figure 13.2 below to answer the question(s) that follow. 
Figure 13.2 Refer to Figure 13.2. The marginal revenue of the fourth pound of cheese is
A. $1. B. $3. C. $6. D. $24.