The producer price index was earlier known as _____
a. the retail price index
b. the commodity market index
c. the Fischer index
d. the wholesale price index
e. the cost of living index
d
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An economist for a bicycle company predicts that, all else held constant, an increase in consumer incomes will increase the demand for bicycles. This prediction assumes that
A. there are many goods that are substitutes for bicycles. B. there are many goods that are complementary to bicycles. C. bicycles are a normal good. D. there are few goods that are substitutes for bicycles.
What causes new firms to enter into a monopolistically competitive market structure?
What will be an ideal response?
What is meant by the term "economic efficiency"?
What will be an ideal response?
The equity capital of a privately owned firm includes:
a. the owner's own dollars put into the firm. b. the cost of raw materials. c. the cost of labor resource used in production. d. economic rent only. e. the value added at each stage of production.