The CPI measures the changes of a narrow category of products.
Answer the following statement true (T) or false (F)
False
The CPI measures the changes of a variety of consumer products and services.
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If at the profit-maximizing level of output, a monopolist's average-total-cost curve lies above its demand curve, then:
a. the firm should shut down in the short run. b. the firm would earn economic losses. c. the firm would earn economic profits. d. the firm should increase its output. e. the firm should decrease its output.
If the price of one Weight Watchers' frozen dinner is $2 and the price of one dozen jelly doughnuts is $3, which of the following would Kent, a utility maximizing consumer, buy with his $6?Jelly DonutsFrozen DinnersDozen Consumed per DayTotal utility (Units of utility)Dinners Consumed per DayTotal utility (Units of utility)0000112116221232327346430442530542628636
A. two frozen dinners and two dozen jelly doughnuts B. three frozen dinners C. two dozen jelly doughnuts D. one frozen dinner and four dozen jelly doughnuts
Refer to Budget Lines. The only situation where we can conclude that this consumer's tastes must have changed is when we observe himAnswer the following statement(s) true (T) or false (F)
a. buying B last year and buying A this year.
b. buying D last year and buying A this year.
c. buying B last year and buying C this year.
d. buying D last year and buying C this year.
In the above figure, the distance between points T and U represents
A) an expansion. B) a trough. C) a peak. D) a recession.