The percentage change in the price level from one period to another is called
a. the growth rate.
b. the inflation rate.
c. the GDP deflator.
d. the unemployment rate.
b
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The prices that are in the public's best interest will
a. always allow the regulated firm to break even. b. always allow the regulated firm to make positive economic profits. c. sometimes leave the regulated firm with economic losses. d. leave the regulated firm with profits that are about 10 percent higher than those of other firms.
In perfect competition
A) the market demand curve and the individual's demand curve are identical. B) the market demand curve is perfectly inelastic while demand for an individual seller's product is perfectly elastic. C) the market demand curve is perfectly elastic while demand for an individual seller's product is perfectly inelastic. D) the market demand curve is downward sloping while demand for an individual seller's product is perfectly elastic.