Cost-of-living adjustment is a/an ________ in a transfer payment or wage that results in ________ in the price level
a. increase; increase
b. increase; decrease
c. decrease; increase
d. decrease; no change
a
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While the demand for beer is relatively price inelastic, the price elasticity of demand for a particular brand is relatively high, due in large part to availability of close substitutes
Indicate whether the statement is true or false
An industry characterized by only a few firms in the market is called: a. a monopoly
b. monopolistic competition. c. an oligopoly. d. perfect competition.
Give a hypothetical example that shows how commercial banks can counteract the Fed’s monetary policy.
What will be an ideal response?
The type of goods being imported has changed from primarily low-tech goods to agricultural goods.
Answer the following statement true (T) or false (F)