Given That Firms Change Their Prices Infrequently, a Business That

question 161

Short Answer

Given that firms change their prices infrequently, a business that has just raised its price will have a __________ relative price; over time as its price remains fixed its relative price __________.

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Definitions:

Dizygotic Twins

Also known as fraternal twins, are siblings born at the same time as the result of two different eggs fertilized by two different sperm.

Monozygotic Twins

Twins that are genetically identical because they were formed from the same zygote splitting into two separate embryos.

Human-Relations Approach

A management strategy focusing on improving interpersonal skills, worker satisfaction, and the dynamic between employees and management to enhance productivity.

Theory Y

A human resources management theory that assumes employees are intrinsically motivated, seek responsibility, and can be creative and innovative, suggesting a participative management style.