The price of a commodity in terms of another commodity is
A) the law of demand.
B) a substitute.
C) the money price.
D) the relative price.
D
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How is a monopolistically competitive firm similar to a perfectly competitive firm?
A) Both will observe entry into the industry if economic profit is positive. B) Both produce where average total cost equals marginal cost. C) Both make a positive economic profit in the long run. D) Both produce a homogeneous good.
Which of the following is a plausible explanation for a downward shift in the consumption function?
A) A decline in home values B) A decline in wages C) A decrease in the personal income tax rate D) A rise in wages
Which of the following occurs if firms are able to restrict output and raise price?
a. resources are misallocated b. wealth is shifted from consumers to government c. wealth is shifted from producers to consumers d. P = MC e. P = minimum LRAC
According to the ratings given by Moody's and Standard and Poor's, _____ bonds are corporate bonds that carry the lowest risk and offer a lower yield
a. A+ b. white collar c. AA d. blue chip e. AA+