Which of the following does a price level include?
a. the prices of a constant basket of goods and services bought by the typical consumer
b. the price of every good and service bought in a given period by the typical consumer
c. prices of goods only bought by the typical consumer
d. prices of services only bought by the typical consumer
a. the prices of a constant basket of goods and services bought by the typical consumer
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Refer to Common Property II. If the common property is privately owned, the owner earns revenue equal to
a. Area C + D. b. Area F + G. c. Area C + D + F + G. d. zero.
Price floors are primarily targeted to help
a. No one b. Consumers c. Producers d. Government
If this firm produced at its most efficient output level it would produce _______ units.
A. 70
B. 80
C. 90
D. 100
Since 1955 the amount of the consumer dollar spent on services have
A. declined by five cents. B. stayed about the same. C. increased by thirty cents. D. doubled.