Which of these is the most common measure of inflation used by the U.S. Bureau of Labor Statistics?
a. The Employment Cost Index
b. The Consumer Price Index
c. The Producer Price Index
d. The GDP deflator
b
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Under a marginal cost pricing rule, a natural monopoly
A) makes a reasonable profit. B) makes an economic profit. C) earns accounting profits, but breaks even in economic terms. D) incurs an economic loss. E) makes a normal profit, but it cannot be determined whether or not it makes an accounting profit.
Suppose that elasticity has been reliably measured as 1.55 and the unit price decreases from $20 to $17.50. How much will quantity demanded increase?
What will be an ideal response?
An accurate demand curve can be derived by examining the quantities of a good that are sold over time as the price varies
a. True b. False Indicate whether the statement is true or false
Holding all other factors constant, which of the following would shift the demand curve for air travel to the left?
(a) An increase in fuel costs. (b) Greater number of terrorist attacks on airplanes. (c) Increased price of ferry tickets. (d) Both (a) and (c).