As applied to the price level, the "rule of 70" indicates that the number of years required for the price level to double can be found by:
A. dividing 70 into the annual rate of inflation.
B. dividing the annual rate of inflation into 70.
C. subtracting the annual change in nominal incomes from 70.
D. multiplying the annual rate of inflation by 70.
B. dividing the annual rate of inflation into 70.
Economics
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The table above shows sales of the firms in the pet food industry. What type of market is this?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
Economics
Refer to the graph shown depicting a monopolistically competitive firm. According to the graph, economic profit is currently:
A. impossible to determine. B. zero. C. negative. D. positive.
Economics