Figure 33-4
?
Which panel in Figure 33-4 shows the movement associated with the supply-side changes of the 1990s?
A. 1
B. 2
C. 3
D. 4
Answer: D
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An advantage of the personal consumption expenditures price index (PCE) over the Consumer Price Index (CPI) as a measure of inflation is that the PCE
A) is a fixed market-basket price index that does not allow the mix of products to change each year. B) includes the prices of consumer services, but not consumer goods. C) includes the prices of more consumer goods and services. D) includes the prices of consumer goods, but not consumer services.
What is the pricing rule that achieves an efficient outcome for a regulated monopoly? What is the problem with this rule?
What will be an ideal response?
What is the relationship between price elasticity of demand and the monopolist's revenue?
a. marginal revenue is maximized where demand is unit elastic. b. average revenue is maximized where demand is unit elastic. c. marginal revenue is negative where demand is inelastic. d. average revenue is negative where demand is inelastic. e. marginal revenue is lowest where demand is unit elastic.
A community college charges lower tuition fees to town residents than to nonresidents. This pricing strategy increases the profits of the community college. Using this information, we can conclude that nonresidents must have a _____ demand for attending the community college than residents.
a. less price-elastic b. greater c. more price-elastic d. lower