The price system
A) is the voluntary exchange system.
B) is old fashioned and is no longer used.
C) is used only in countries that are developing.
D) is used by the government to maintain stable supply of goods.
Answer: A
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If the price elasticity of demand for a good is greater than one in absolute terms, we say that demand is
A) elastic. B) inelastic. C) perfect. D) vertical.
Since advertising increases a firm's average total cost, consumers ultimately pay for the cost of advertising in the form of a higher price in the long run. It is not possible for a firm to end up with a lower profit-maximizing price as the result of advertising
a. True b. False
Patty runs a small organic peanut butter company with five employees and local sales of $100,000 per year. She estimates that the shape of her total variable cost curve largely reflects her costs of
a. peanuts b. electricity c. packaging d. labor e. marketing
The Samuelson-Solow version of the Phillips curve states that
A) there is an inverse relationship between the wage inflation rateand unemployment B) there is a direct relationship between the wage inflation rateand unemployment. C) there is an inverse relationship between price inflation andunemployment. D) there is a direct relationship between price inflation and unemployment. E) a and b