A diagram is a good example of a(n)
a. hypothesis.
b. abstraction.
c. theory.
d. concept.
e. instrumentation.
b
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According to this Application, lower oil prices will ________ the prices of gasoline and heating oil which will ________ the amount of money that consumers have to spend
A) decrease; increase B) decrease; decrease C) increase; decrease D) increase; increase
An increase in the general price level is termed:
a. the Consumer Price Index. b. inflation. c. deflation. d. stagflation. e. nominal pricing.
An industry's typical percentage markup
a. should be expected to fluctuate wildly from year to year b. equals 1 - (average cost per unit/average revenue per unit) c. is determined by collusion d. is of price concern for the macroeconomy e. is relatively low if there is fierce competition among firms.
Consumer?consumer rivalry:
A. increases the likelihood of government intervention in the marketplace. B. increases the negotiating power of consumers in the marketplace. C. reduces the negotiating power of producers in the marketplace. D. reduces the negotiating power of consumers in the marketplace.