The price index that measures the prices of goods and services purchased by firms is called the:
A. PPI.
B. CPI.
C. RPI.
D. PRI.
A. PPI.
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The ________ elastic a firm's demand curve, the greater its ________
A) less; monopoly power B) less; output C) more; monopoly power D) more; costs
An unexpected import restriction imposed on mangoes by the USDA
A) will reduce the price of mangoes in the United States. B) will increase the price of mangoes in the United States. C) will discourage American producers of mangoes. D) will reduce the price of mango juice in the United States.
The value of a business owner's time is an example of
a. an opportunity cost. b. a fixed cost. c. an explicit cost. d. total revenue.
A monopolist always faces a demand curve that is:
A. perfectly inelastic. B. perfectly elastic. C. unit elastic. D. the same as the entire market demand curve.