According to this Application, the bias in the CPI would be ________ if new goods are ________ incorporated in CPI calculations
A) smaller; slowly B) smaller; quickly
C) negligible; slowly D) greater; immediately
B
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The above table gives the demand and supply schedules for Blu-ray discs. Suppose that the price of a Blu-ray disc player increases, resulting in the demand for Blu-ray discs decreasing by 8,000 units at all prices
What are the new equilibrium quantity and equilibrium price of Blu-ray discs? A) 8,000 and $8 B) 16,000 and $16 C) 20,000 and $20 D) 28,000 and $28
The total value added in the production of a final good
a. exceeds the price of the final good. b. equals the price of the final good. c. exceeds the total payments made to owners of productive resources used in the production. d. both equals the price of the final good and exceeds the total payments made to owners of productive resources used in the production.
Which of the following statements about barriers to entry into a market is true?
a. Abnormally high profits will attract new firms into the market. b. Entry of new firms into a market with abnormally high profits causes prices to decline. c. Economies of scale combined with the size of the market expand competition. d. Barriers may block entry even if the firm or firms currently in the market are earning profits.
The extra Marginal Utility that winning an extra dollar in prize money from a gamble provides is assumed to ____________ as more dollars are won.
Fill in the blank(s) with the appropriate word(s).