How did the Zimbabwean hyperinflation end?
A. As of 2016, Zimbabwe's hyperinflation has not yet ended.
B. Mugabe legalized transactions in foreign currencies.
C. the Zimbabwean dollar was replaced with a new Zimbabwean currency.
D. Zimbabwe's central bank sharply reduced the money supply.
Ans: B. Mugabe legalized transactions in foreign currencies.
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If the price were $20, what would the firm do in the (a) short run? (b) long run?
Pappy's Popcorn Emporium operates in a perfectly competitive industry and hires you as an economic consultant. Pappy's is currently producing at a point where market price equals its marginal cost. Its market price is greater than its average variable cost but less than its average total cost. You advise Pappy's to
A. raise its price until it breaks even. B. lower its price so that it can sell more units of output. C. cease production immediately because it is not covering its operating costs. D. produce in the short run to minimize its loss, but exit the industry in the long run.