When making decisions on pricing and other behaviors, oligopolistic firms must take into account the actions of other firms
a. True
b. False
Indicate whether the statement is true or false
True
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Why do both the chain-weighted index for GDP and the CPI overstate actual price increases?
What will be an ideal response?
If the cost of apparel increases by 50 percent, then, other things the same, the CPI is likely to increase by about
a. 0.5 percent. b. 1.5 percent. c. 3.0 percent. d. 11.8 percent.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, domestic producers would increase:
A. experience deadweight loss of FG. B. enjoy a net gain to surplus of BC. C. suffer a net loss to surplus of BCD. D. suffer a transfer of surplus to producers of BC.
The new classical economists are the __________________.
Fill in the blank(s) with the appropriate word(s).