Refer to the graph shown. The graph exhibits economies of scale:
A. in region a.
B. in region b.
C. over the entire range of output.
D. in region c.
Answer: A
Economics
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Suppose higher prices lead consumers to switch from shopping at Abercrombie & Fitch to shopping at Wal-Mart. If the CPI does not reflect this change, it is referred to as
A) a new goods bias. B) a quality change bias. C) an outlet substitution bias. D) a new price bias. E) store bias.
Economics
Which of the following goods would have the most inelastic demand?
A) ski vacations B) bread C) luxury cars D) big screen TVs
Economics