Which of the following pricing strategies is NOT used in markets characterized by intense price competition?
A. Price matching
B. Transfer pricing
C. Inducing brand loyalty
D. Randomized pricing
Answer: B
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Figure 7-5
Which of the curves in Figure 7-5 could be a firm’s average fixed cost curve?
A. (a) B. (b) C. (c) D. (d)
Explain why the long-run aggregate supply curve is vertical.
What will be an ideal response?
A study of the U.S. price level and real GDP from 1972 to 2007 reveals a clear upward march toward higher prices and greater output. What explains this?
a. Both the aggregate demand curve and the aggregate supply curve have shifted to the left year after year. b. Both the aggregate demand curve and the aggregate supply curve have shifted to the right year after year. c. The aggregate supply curve has shifted to the right while the aggregate demand curve has shifted to the left. d. The aggregate supply curve has shifted to the left while the aggregate demand curve has shifted to the right.
During an economic boom:
A. the level of unemployment tends to be high. B. it is difficult for firms to recruit and retain workers. C. firms have an easier time purchasing raw materials. D. prices tend to decrease over time.