Suppose that 1982 is the base year for the Consumer Price Index (CPI) and in 2014 the CPI was 190. What does this "190" mean?

A) What cost $100 in 1982 on average cost 190 times as much in 2014.
B) What cost $100 in 1982 on average cost $190 in 2014.
C) What cost $100 in 1982 on average cost 0.19 times as much in 2014 (that is, it cost $19 in 2014).
D) What cost $100 in 1982 on average cost $19 more in 2014.


B

Economics

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Suppose that the firms in the perfectly competitive oat industry currently are receiving a price of $2 per bushel for their product. The minimum possible average total cost of producing oats in the long run is $1 per bushel. It follows that:

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