Menu costs in relation to inflation refer to:
a) Costs of finding better rates of return
b) Costs of altering price lists
c) Costs of money increasing its value
d) Costs of revaluing the currency
Answer: c) Costs of money increasing its value
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Each time the monopolist sells another unit of output, the total revenue increases by
a. the price of the last unit sold. b. more than the price of the last unit sold. c. less than the price of the last unit sold. d. the price of the first unit sold.
If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, then
A) the cloth exporter will increase the quantity of cloth produced. B) the cloth exporter will increase the quantity of cloth exported. C) the food exporter will increase the quantity of food exported. D) the cloth exporter will decrease the quantity of cloth exported. E) the country would import more cloth.
Marginal utility is the change in:
a. total utility when an extra unit of output is produced. b. marginal utility when an extra unit of output is consumed. c. total utility when an extra unit of output is consumed. d. marginal utility when an extra unit of output is produced. e. average utility when an extra unit of output is consumed.
During the process of a strike, both the employer and the union workers will do all of the following except
a. signaling what they will accept b. conceal agendas c. disregard the return to monopsony power d. reassess all relevant factors e. try to obtain the best wage agreement