In economics, what does CPI stand for?
A) Continuous Price Inflation.
B) Central Price Information.
C) Consumer Price Index.
D) Collateral Price Inflation.
C
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Use the above figure. If a commission regulates the above monopoly using fair-return (average cost pricing), then the industry's output will be ________ and the product's price will be ________
A) Q1; P1 B) Q2; P3 C) Q3; P2 D) Q4; P1
If Vice President Smith is a better typist than his assistant, he is said to have a(n) ________ advantage in typing over his assistant
A) absolute B) unusual C) relative D) overwhelming
Wendy retails motor homes, which she buys for a sum that does not vary with the number she purchases from the manufacturer. She can sell 11 per week at $40,000. If she limits sales to 10, she can charge $41,000 each. She will sell 11 per week if the cost of each vehicle is no more than
A. $20,000. B. $30,000. C. $40,000. D. $41,000.
If Santiago thinks the last dollar spent on jeans yields less satisfaction than the last dollar spent on shoes, and Santiago is a utility-maximizing consumer, he should
a. decrease his spending on shoes. b. decrease his spending on shoes and increase his spending on jeans. c. increase his spending on jeans. d. increase his spending on shoes and decrease his spending on jeans.