Suppose the consumer price index (CPI) for a given year is 150 . This means the rate of inflation for the given year is 50 percent

If the price elasticity of demand coefficient equals 2, this means a 10 percent increase in price will result in a 20 percent decrease in the quantity demanded

a. True b. False Indicate whether the statement is true or false

In monopolistic competition, firms may differentiate their products in many ways except on the basis of:

a. quality. b. style. c. price. d. packaging. e. guarantees.