If a firm has no ability to select the price of its product, it:
a. will go out of business due to losses.
b. is a price-maker.
c. cannot maximize profit.
d. has a horizontal individual demand curve.
d
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Maximizing average profit is equivalent to maximizing total profit
Indicate whether the statement is true or false
The consumer price index is
a. a measure of the increase in the average price of all of the goods that are included in the calculation of GDP. b. a comparison of the cost of buying a typical bundle of goods during a given period with the cost of buying the same bundle during an earlier base period. c. the ratio of the average price of a typical market basket of goods compared to the cost of producing those goods during the previous year. d. a comparison of the cost of the typical bundle of goods consumed in period 1 with the cost of a different bundle of goods typically consumed in period 2.