the change in average price levels
What will be an ideal response?
inflation
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Demand is said to be price inelastic when the coefficient of price elasticity of demand is
a. greater than +1 b. between 0 and +1 c. zero d. infinity
Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
The estimated short-run marginal cost function (SMC) at Straker Industries is:
A. SMC = 43.4 ? 5.6Q + 0.6Q2 B. SMC = 43.4 ? 1.4Q + 0.07Q2 C. SMC = 43.4Q ? 5.6Q2 + 0.6Q3 D. SMC = 43.4Q ? 1.4Q2 + 0.07Q3
When housing prices fall, as they did beginning in 2006 following the housing market bubble, consumption spending on furniture, appliances, and home improvements ________ as many households found it ________ to borrow against the value of their homes
A) declined; easier B) declined; harder C) increased; easier D) increased; harder
Refer to the information provided in Figure 23.1 below to answer the question(s) that follow.
Figure 23.1Refer to Figure 23.1. This household's consumption function is
A. C = 300 + 0.75Y. B. C = 200 + 0.2Y. C. C = 1,000 + 0.2Y. D. C = 500 + 0.5Y.