If 2008 is the base year and the price index in 2009 is 109, prices in 2009 are _____ than prices in 2008
a. 1 percent higher
b. 8 percent higher
c. 9 percent higher
d. 0.9 percent higher
e. 12 percent higher
c
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Discrimination occurs when the marketplace offers different opportunities to similar individuals who differ only by
a. age. b. years of experience. c. years of education. d. All of the above are forms of discrimination.
Figure 7.2 shows a monopolist's demand curve. Suppose that the marginal cost is $6 for all units and the current output level is 4 units. Then what would you recommend to the firm?
A. Lower the price to sell more units. B. Raise the price and sell fewer units. C. Maintain the current price and output level. D. There is not sufficient information.
Which of the following is the best definition of what economists define as total income?
A. inheritance B. payment for labor services, for use of other factors of production, and gifts and government transfers C. payment for labor services D. payment for labor services and for ownership of other factors of production
A monopolistically competitive firm ________ where marginal revenue equals marginal cost.
A. minimizes average total cost B. minimizes average variable cost C. maximizes revenues D. maximizes profits