Economists Call the Physical Cost of Changing Prices

question 77

Multiple Choice

Economists call the physical cost of changing prices:

• A)the cost of doing business.
• B)menu costs.
• C)inflationary sufferage.
• D)increasing profits.

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Definitions:

Mental Set

A psychological tendency to approach situations in a certain way based on previous experiences and perceptions.

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used.

Administrative Processes

Procedures and practices involved in running an organization, including planning, organizing, staffing, directing, and controlling.

Algorithm

A step-by-step procedure or formula for solving a problem, often used in computing and mathematics.