The best example of a nondurable good is
a. a television set
b. carpeting
c. a washing machine
d. an electric saw
e. a pair of children's shoes
E
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A monopolistically competitive firm is producing at a short-run output level where average total cost is $10.00, marginal cost is $5.00, marginal revenue is $6.00, and price is $12.00. In the short run, the firm should
A. increase product price. B. make no change in the level of output. C. increase the level of output. D. decrease the level of output.
The purchasing power parity predicts that if US price level rises relative to the Mexico price level, then
a. Dollar value will rise relative to the peso b. Dollar value will fall relative to the peso c. There is no effect on either currency d. PPP predicts price level will normalize in the long-run
Suppose a government have a stated policy that it will not negotiate with hostage takers. Now someone is taken hostage, what would be the best policy for the government? Explain
What will be an ideal response?
Inflation is best defined as
A. a sustained increase in the price of ALL goods and services in an economy. B. a sustained increase in the average of all prices of goods and services in an economy. C. a sustained increase in the price of a single good or service. D. a relative price increase.