The term "relative price" is used to refer to how the current price of a good or service compares to the price of the same item in the previous time period

If additional information is not used when forming an optimal forecast because it is not available at that time, then expectations are

A) obviously formed irrationally. B) still considered to be formed rationally. C) formed adaptively. D) formed equivalently.

A point lying to the northeast of the production possibilities frontier is

A) unattainable. B) efficient. C) inefficient. D) profitable.