A buyer is said to be a price taker if she:
A) can bargain over the prices of the goods she consumes.
B) can purchase any amount of a good at a fixed price provided she has the money to pay for it.
C) always pays less than the market-determined price for the goods she is consuming.
D) ignores the prices of related goods and considers only the price of the goods she is purchasing.
Question 2
An inflationary gap is created when
A) real GDP is greater than potential GDP.
B) real GDP equal to potential GDP.
C) the inflation rate is less than potential inflation.
D) the price level exceeds the equilibrium price level.
E) potential GDP is greater than real GDP.
Prices for Cotton and for Slaves, 1802–1860
As China has embraced its version of capitalism, wealth has grown, as has consumption. Luxury goods ...
Production and Prices in Richland and Poorland
The profit, p(t), made at a fair depends on the price of the ticket, t. The profit is modelled ...
The net price of an article is $79.84. What is the list price if a discount of 23% was allowed?
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...