When the price of broccoli increase relative to cauliflower, people who buy fresh vegetables respond by buying more cauliflower and fewer broccoli. As a result, the CPI has
A) a quality change bias.
B) a new price bias.
C) a commodity substitution bias.
D) an outlet substitution bias.
E) a new goods bias.
C
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Generally speaking, by 1860 which of the following groups could not vote in the U.S.?
a. white male citizens b. black males in New York and New England c. alien males in the agricultural Northwest d. white women in the North
The fire department receives its revenues from the government budget, not on a per-fire-extinguished basis. As a result, it is difficult for department officials to know if
a. the fire department is even needed b. too much or too little fire protection is being supplied c. fires should be extinguished d. they should raise or lower price e. keep the difference between revenues and costs
The hours of trading of North American markets overlap with those of both the European markets and the Asian markets
a. True b. False Indicate whether the statement is true or false
A separate average revenue curve is not required when you have the demand curve for a firm. Explain