The Base Year Is the Year

question 116

Multiple Choice

The base year is the year:

• A)in which prices are unstable.
• B)in which prices are lowest.
• C)in which prices are highest.
• D)that serves as a reference point or benchmark.

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Definitions:

Marginal Expenditure

The extra expense associated with making an additional unit of a product or service.

Product Market

The marketplace in which final goods or services are offered to consumers, businesses, and the public.

Product Market

The marketplace in which final goods or services are offered for purchase by consumers, businesses, and the public sector.

Monopsonist

A market condition in which there is only one buyer for a particular product or service.