Some Firms Do Not Instantly Adjust the Prices They Charge

question 102

Multiple Choice

Some firms do not instantly adjust the prices they charge in response to changes in demand for all of the following reasons except:

• A) it is costly to alter prices.
• B) they do not want to annoy their frequent customers.
• C) prices do not adjust when there is perfect competition.
• D) some prices are set by long-term contracts between firms and customers.

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Definitions:

Civil War

A war between groups within the same country or state, often over control of the government, territorial independence, or ideological differences.

Imagery

The use of vivid and descriptive language to add depth and understanding, helping readers visualize scenes, sounds, smells, and textures.

Homestead Strike

An industrial lockout and strike in 1892 at the Homestead Steel Works in Pennsylvania, emblematic of the intense labor disputes of the era.

Populists

Political participants or groups that seek to represent the interests and voices of the ordinary people, often opposing the established elites.