BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ is the list with specific quantities of one or more goods
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1.consumer preferences
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2.market baskets
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3.consumer behavior
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4.none of the above
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Explanation:
Detailed explanation-1: -The three largest components of the CPI are housing, transportation, and food/beverages in that order.
Detailed explanation-2: -The Consumer Price Index (CPI) is a measure of the average change overtime in the prices paid by urban consumers for a market basket of consumer goods and services.
Detailed explanation-3: -Completeness: Preferences are assumed to be complete. In other words, consumers can compare and rank all possible baskets. Thus, for any two market baskets A and B, a consumer will prefer A to B, will prefer B to A, or will be indifferent between the two.
There is 1 question to complete.