When the Nominal Price of a Good Increases Over Time

question 92

Multiple Choice

When the nominal price of a good increases over time, the real cost of buying the good

• A)does not change because income also increases over time.
• B)decreases because income also increases over time.
• C)might increase, decrease, or stay the same depending on how much income changed.
• D)must increase.
• E)might increase, decrease, or stay the same depending on how much the CPI changed.

Determine the marginal and average product of inputs in production.

Calculate and interpret the total, average, and marginal costs in various business conditions.

Understand the concept of average total, variable, and fixed costs.

Calculate total variable and total costs based on average costs.

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