Suppose the respective prices of yogurt, candy bars, and popcorn in Year 1 are 1, 2, and 3 . In Year 2, the unit prices of each are 2, 3, and 4 respectively. Which of the following statements is true of the price level between Year 1 and Year 2?
a. It decreased by 20 percent.
b. It increased by 33 percent.
c. It increased from 6 to 9.
d. It decreased at a rate between 20 percent and 50 percent.
e. It increased at a rate between 33 percent and 100 percent.
Question 2
If the MRP is less than the wage, the firm should hire more labor.
a. True
b. False
Indicate whether the statement is true or false
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