The CPI measures the average prices paid by __________ for _________
A. urban consumers; a fixed basket of consumption goods and services
B. urban consumers; the average basket of goods and services they buy
C. all consumers; housing, transportation, and food
D. everyone who earns an income; the necessities of life
A Answer A is the definition of the CPI.
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The cost of producing aspirin increases simultaneously as doctors find that one aspirin per day reduces the risk of heart attacks. The supply of aspirin ________ and the demand for aspirin ________ so that the equilibrium price of aspirin ________
A) increases; increases; rises B) decreases; increases; rises C) increases; decreases; might rise, fall, or stay the same D) decreases; increases; might rise, fall, or stay the same
A profit-maximizing entrepreneur will produce and sell an additional unit of output as long as
a. it lowers the firm's unit costs. b. it lowers the firm's marginal cost. c. it adds more to revenue than it adds to cost. d. there is additional plant capacity to produce.