According to Nakamura and Steinsson's research, prices are ________ sticky than Bils and Klenow found because the latter failed to account for ________.
A. more; taxes
B. more; sales
C. less; sales
D. less; taxes
Answer: B
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The "law of supply" refers to the fact that, all other things remaining the same, when the price of a good rises
A) the supply curve shifts leftward. B) the supply curve shifts rightward. C) there is a movement up along the supply curve to a larger quantity supplied. D) there is a movement down along the supply curve to a smaller quantity supplied.
"Today the U.S. telecommunications industry remains heavily regulated by the government as it was some 30 years ago." Do you agree or disagree? Why?
What will be an ideal response?
As the price of a good increases:
a. that good will yield less satisfaction per dollar than before. b. consumers will have more real income to spend on other goods. c. the quantity demanded of that good will also increase. d. the utility-maximizing quantity of that good willl not change. e. consumers will buy the good and substitute away from other goods.
Refer to the information provided in Table 8.2 below to answer the question(s) that follow.
Table 8.2 
Refer to Table 8.2. If Sherry produces three pairs of earrings, her total variable costs are
A. $26.67. B. $140. C. $175. D. $225.