The price of coffee fell from $1.97 per pound in December 2014 to $1.62 in December 2016. During that time the overall price level increased by 1 percent. What was the change in relative price in coffee during this period?
a. –$0.31
b. –$0.33
c. –$0.35
d. –$0.37
d. –$0.37
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A firm raises the price it charges. The firm's total revenue does not change. What can we conclude about the price elasticity of demand?
A) Demand is elastic. B) Demand is unit elastic. C) Demand is inelastic. D) Demand is perfectly elastic. E) Not enough information is given to conclude anything about price elasticity of demand.
The price survey of the goods contained in the CPI market basket is conducted
A) every ten years, along with the Census. B) infrequently, because of its high cost. C) every year. D) monthly. E) every quarter.
According to the text, the growth of service sector employment in the US has contributed to
a. higher unemployment rates in the postwar period. b. a slowdown in the growth of real wages during the postwar period. c. reduced economic stability in the postwar period. d. an increase in the power and membership of unions. e. All of the above.
Figure 3-19
Refer to . Sellers whose costs are greater than price are represented by segment
a.
AC
b.
CE
c.
BC
d.
CD