Harry spent $39,000 in 2009 and $42,000 in 2014 on goods and services. The consumer price index was 220 for 2009 and 231 for 2014 . Harry's 2009 spending in 2014 dollars is about
a. $43,290.
b. $37,143.
c. $40,950.
d. $40,857.
c
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A textbook publisher is in monopolistic competition. If the firm spends nothing on advertising, it can sell no books at $100 a book, but for each $10 cut in price, the quantity of books it can sell increases by 20 books a day
The firm's total fixed cost is $2,400 a day. Its average variable cost and marginal cost is a constant $20 per book. If the firm spends $1,200 a day on advertising, it can increase the quantity of books sold at each price by 50 percent. Compared to the situation if it does not advertise, if the firm advertises, its economic profit A) increases by $400. B) decreases by $400. C) doubles. D) is the same as with no advertising.
If the law of increasing opportunity cost holds, can the production possibility frontier be a straight line?
What will be an ideal response?
Both Social Security expenditures and the payroll tax receipts that finance them are treated as off-budget items
a. True b. False Indicate whether the statement is true or false
When the quantity of a good bought and sold is below the market equilibrium quantity, the loss of total surplus that results is called:
A. producer surplus. B. deadweight loss. C. total surplus. D. consumer surplus.