Large and efficient agricultural producers like Argentina and Australia protect that sector heavily
Indicate whether the statement is true or false
FALSE
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According to this Application, the bias in the CPI would be ________ if new goods are ________ incorporated in CPI calculations
A) smaller; slowly B) smaller; quickly C) negligible; slowly D) greater; immediately
What is the price level?
What will be an ideal response?
Economists usually believe that:
A. competition encourages innovation. B. innovation encourages competition. C. innovation leads to market power and should be regulated. D. market power leads to innovation.
BigBiz, a local monopsonist, currently hires 50 workers and pays them $6 per hour. To attract an additional worker to its labor force, BigBiz would have to raise the wage rate to $6.25 per hour. What is BigBiz's marginal factor cost?
a. $6.25 per hour. b. $12.50 per hour. c. $18.75 per hour. d. $20 per hour.