Easy entry and exit ensure that perfectly competitive firms cannot make a long-run economic profit

The Consumer Price Index is:

A. A measure of changes in the relative prices of significant consumer goods. B. A measure of changes in the price of all goods and services. C. A measure of changes in the average price of consumer goods and services. D. Used to determine if the economy is functioning at full employment.

Refer to the information provided in Figure 3.19 below to answer the question(s) that follow. Figure 3.19Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and there is an excess demand of 6 cheeseburgers, the price of cheeseburgers will have

A. remained constant at $5.00. B. moved from $7.00 to $5.00. C. moved from $5.00 to $7.00. D. remained constant at $7.00.