The hedonic price method
a. is a direct method of estimating benefit
b. relies on the theory that goods are valued for their attributes
c. is a physical linkage approach
d. is useful but not intuitive
b. relies on the theory that goods are valued for their attributes
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Which of the following is the long-run outcome for monopolistic competition?
A) MR > MC. B) P > ATC > MC. C) P = ATC. D) P > ATC.
An increase in the relative price of a good cannot be caused by
A) an increase in the nominal price of the good that is greater than the increase in the nominal price of the other good. B) a decrease in the nominal price of the good that is less than the decrease in the nominal price of the other good. C) a decrease in the nominal price of the other good while the price of the good itself remains constant. D) an increase in the nominal price of the other good while the price of the good itself remains constant.