If the Price Level Is Higher Than Expected,firms Might Raise

question 188

Multiple Choice

If the price level is higher than expected,firms might raise their production in the short run if

• A)the nominal wage they pay their employees was set based on the expected price level.
• B)prices are costly to adjust and they have set their price at some time in the past and are not ready to change it.
• C)they believe that the price of their product has risen relative to the price of other products, when in fact the rise in the price of their product reflects an increase in the general price level.
• D)All of the above are correct.

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Definitions:

Personal Selling Process

A direct, one-on-one communication whereby a salesperson persuades a prospective buyer to purchase a product.

Prospecting

The search for potential customers or clients for a business's products or services.

Human Needs

Fundamental requirements that individuals seek to fulfill, such as physiological, safety, love, esteem, and self-actualization needs.

Hierarchy

An organizational structure that ranks individuals or elements according to levels of importance, authority, or seniority.