Inflation patterns between countries remain constant.
Select whether the statement is true or false..
A. True
B. False
B. False
This statement is false. Inflation patterns between countries fluctuate on a regular basis.
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Why does a firm in perfect competition produce the quantity at which marginal cost equals price?
What will be an ideal response?
The market supply in a perfectly competitive market is:
A. fixed. B. the sum of the quantities that each individual producer is willing to supply. C. the total quantity of a good that the biggest market shareholder supplies at a given price. D. derived from the MC curves from each firm after MC hits ATC.
Related to the Economics in Practice on page 216: According to the survey discussed in the Economics in Practice,
A. almost all workers were willing to give up over 50 percent of their wages, but almost none were willing to give up other benefits, to avoid employer discretion in hours. B. workers were not willing to give up any of their wages to avoid employer discretion in hours. C. workers were willing to give up other benefits, but not their wages, to avoid employer discretion in hours. D. workers were willing to give up 20 percent of their wages to avoid employer discretion in hours.
Graphically, cost-push inflation is shown as a:
A. leftward shift of the AD curve. B. rightward shift of the AS curve. C. leftward shift of the AS curve. D. rightward shift of the AD curve.