A price index is designed to measure
a. changes in the general level of employment across time periods.
b. changes in the quantity of output produced across time periods.
c. the market value of output produced during the current period with the value of output produced during an earlier time period.
d. the cost of buying a market basket of goods at a point in time relative to the cost of buying the same market basket during an earlier time period.
D
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Assume a manager of a major league baseball team has a player that is the best pitcheron team the team. However, he decides to to have him play right field instead. It turns out that he is not the best right fielder on the team
How might this manager defend his decision?
Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. The lemonade market in Jenny's neighborhood is more likely to be perfectly competitive if:
A. each lemonade stand sells the same kind of lemonade. B. some of the neighborhood parents build elaborate booths for their kids' stands while some kids sell from makeshift tables. C. each stand tries to get more customers by offering different varieties of lemonade and snacks. D. all of the kids advertise heavily.