Menu costs are the costs of:
A. changing prices.
B. running a restaurant.
C. changing production.
D. increasing aggregate demand.
Answer: A
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A unanimity rule for collective decision making has the disadvantage of _____
a. accepting too many inefficient outcomes b. high decision-making costs c. not clearly being a Pareto improvement d. increasing external costs
If transaction costs of market exchange are small, then a firm will expand to produce more of its product internally
a. True b. False
A good is most likely to be inefficiently priced if
a. some of the resources used in its production are scarce. b. the good is private property. c. some of the resources used in its production are free. d. a corporation produces the good.
Twisted Root is a local Dallas-based burger restaurant. It is likely a: ______
Fill in the blank(s) with the appropriate word(s)