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
Early in the twentieth century, when malnutrition was common, companies such as this one advertised
Food Sources Milk and yogurt
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