The costs of changing price tags and price listing are known as
a) inflation-induced tax distortions.
b) relative-price variability costs.
c) shoeleather costs.
d) menu costs.
Ans: d) menu costs.
You might also like to view...
Refer to the above information. Which individual(s) would be included in the calculation of the natural unemployment rate?
The following items describe the responses of four individuals to a Bureau of Labor Statistics (BLS) survey of employment. 1. Mollie just graduated from college and is now looking for work. She has had three job interviews in the past month, but still has not gotten a job offer. 2. George used to work in an automotive assembly plant. He was laid off six months ago as the economy weakened. He expects to return to work in a few months when national economic conditions improve. 3. Jeanette worked as an aircraft design engineer for a company that produces military aircraft until she lost her job last year when the Federal government cut defense spending. She has been looking for similar work for a year but no company seems interested in her aircraft design skills. 4. Ricardo lost his job last year when his company downsized and laid off middle-level managers. He tried to find another job for a year, but was unsuccessful and quit looking forwork. A. Mollie only B. George only C. Mollie and Jeanette D. George and Ricardo
The health care industry encompasses the following sectors, except:
A. Medical laboratories B. Nursing homes C. Nonprescription drugs D. Health clubs
For a monopolist, at the profit-maximizing level of output:
A. price is greater than marginal revenue. B. marginal revenue is greater than average revenue. C. average revenue is greater than price. D. price is equal to marginal revenue.
Which term refers to a situation where an exchange between a buyer and a seller affects a third party, who is not part of the exchange?
a. Externality b. Social cost c. Market failure d. Economic cost