23. Firms alter their prices based on: a. expected inflation. b. expected inflation and supply conditions. expected inflation and demand conditions. demand conditions. the previous period's aggregate supply. C. d. e. 24. According to the law of diminishing returns, the longer we live, the: a. more we will be willing to pay for medical care than for other goods and services. b. larger the burden on taxpayers to finance retirement for retirees. C. d. e. less energy we will use. less medical care we will need. lower our incomes.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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23. Firms alter their prices based on:
expected inflation.
a.
b. expected inflation and supply conditions.
expected inflation and demand conditions.
d. demand conditions.
C.
e.
the previous period's aggregate supply.
24. According to the law of diminishing returns, the longer we live, the:
a.
more we will be willing to pay for medical care than for other goods and services.
b. larger the burden on taxpayers to finance retirement for retirees.
C.
less energy we will use.
d. less medical care we will need.
e.
lower our incomes.
Transcribed Image Text:23. Firms alter their prices based on: expected inflation. a. b. expected inflation and supply conditions. expected inflation and demand conditions. d. demand conditions. C. e. the previous period's aggregate supply. 24. According to the law of diminishing returns, the longer we live, the: a. more we will be willing to pay for medical care than for other goods and services. b. larger the burden on taxpayers to finance retirement for retirees. C. less energy we will use. d. less medical care we will need. e. lower our incomes.
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