In 1985,a Given Japanese Imported Automobile Sold for 1,476,000 Yen,or

question 11

Multiple Choice

In 1985,a given Japanese imported automobile sold for 1,476,000 yen,or $8,200.If the car still sold for the same amount of yen today but the current exchange rate is 144 yen per dollar,what would the car be selling for today in U.S.dollars?

• A)$ 8,303
• B)$ 9,225
• C)$10,250
• D)$11,275
• E)$12,403

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Definitions:

Perfect Competitor

A theoretical market structure characterized by many buyers and sellers, homogeneous products, and no barriers to entry or exit, leading to perfect information and no control over prices.

Short Run

In economics, a period in which at least one input, such as plant size, cannot be changed; distinct from the long run where all inputs can be varied.

Long Run

A period in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied changes by an unlimited amount in response to any change in price.