The Bureau of Labor Statistics has taken several steps to reduce the bias in the consumer price index. Which of the following is not one of the steps taken to reduce the bias?
A) updating the market basket every two years, rather than every 10 years
B) using statistical methods to reduce the size of the quality bias
C) conducting a point-of-purchase survey to track where consumers actually make their purchases
D) incorporating substitutions by consumers when prices of specific products rise rapidly
D
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Refer to the scenario above. If the number of bidders increases to 65, Molly's optimal bid for the product would be ________, and her consumer surplus would be ________
A) $836.92; $13.08 B) $831.11; $18.89 C) $765.5; $25 D) $750; $28.5
The aggregate production function is bowed or concave because
A) of the diminishing marginal returns of labor. B) restriction in capital mobility. C) of the speed of payment systems. D) the learning curve for labor.