Which of the following costs of inflation can be significant even if actual inflation and expected inflation are the same?
a. menu costs
b. inflation tax
c. shoeleather costs
d. All of the above are correct.
d
Economics
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KFC raises the price of its grilled chicken. The price elasticity of demand for KFC grilled chicken is 0.8. What happens to the KFC's total revenue?
A) nothing B) It increases. C) It decreases. D) It becomes negative. E) It might change, but more information is needed to determine if it increases, decreases, or does not change.
Economics
The income effect is thought to offset the substitution effect among very high wage earners
a. True b. False Indicate whether the statement is true or false
Economics