Prices communicate information about relative availability of products. For example, a decrease in the price of corn signals to consumers and producers that:
a. consumers are buying more corn than before
b. corn is relatively more abundant than before.
c. corn is relatively less abundant than before.
d. consumers are stocking up on corn because of the predictions of a cold winter.
b
Economics
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An increase in the dollar price of foreign currency constitutes an appreciation of the U.S. currency
a. True b. False Indicate whether the statement is true or false
Economics
What is meant by the term economic profits?
a. total revenues minus explicit and implicit costs b. total revenues plus implicit and explicit costs c. average total costs minus total implicit costs d. total explicit costs minus total revenues
Economics