When constructing the consumer price index, the Bureau of Labor Statistics does not do which of the following?
a. Try to include all the goods and services that the typical consumer buys.
b. Try to weight the goods and services that the typical consumer buys according to how much consumers buy of each item.
c. Survey consumers to determine what the typical consumer buys.
d. Survey sellers to determine what the typical consumer buys.
d
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Use the table below to answer the following question.UnitsMarket PriceMinimum Acceptable Price1$8$228438648858106814What is the value of producer surplus in the table above?
A. $6 B. $12 C. $44 D. $54
If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25
Indicate whether the statement is true or false
Answer the following questions true (T) or false (F)
1. Issuing tradable emission allowances to polluting firms will result in those firms polluting more than is socially desirable. 2. A perfectly competitive firm's horizontal demand curve implies that the firm does not have to lower its price to sell more output. 3. The market demand curve for a perfectly competitive industry is the horizontal summation of each individual firm's demand curve.
A monopolist will ________ if marginal revenue is negative.
A. maintain its current production level B. increase production C. not produce D. shut down