In which market would the price be least likely to be "sticky"?
A. refrigerators
B. steel rods
C. fresh fruit
D. trucks
Answer: C
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Aggregate surplus:
A. equals consumers' total willingness to pay for a good less firms' total avoidable cost of production. B. equals consumers' total willingness to pay for a good plus firms' total avoidable cost of production. C. captures the total benefit created by the production and consumption of the good. D. captures the total cost created by the production and consumption of the good.
Beginning from a position of long-run equilibrium, suppose there is an increase in the aggregate demand curve. After adjustment and comparing the economy's new long-run equilibrium with its original long-run position, the result would be an increase in: a. real GDP
b. the price level (CPI). c. the unemployment rate. d. a and b, but not c.
What is true about the Federal Reserve System?
a. The Fed prints US currency and investigates counterfeit currency cases b. The Fed accepts deposits from and makes loans to commercial banks c. The Fed is a lender of last resort for high-poverty small businesses d. There are 21 Federal Reserve Banks across the US
A depreciation in a country's currency will immediately increase its trade deficit.
Answer the following statement true (T) or false (F)