Final answer:
The cost of changing listed prices during rapid price inflation is known as menu costs, which include various expenses associated with updating prices and managing customer satisfaction.
Step-by-step explanation:
During rapid price inflation, firms must frequently change prices. The cost of changing listed prices is known as menu costs. Menu costs refer to the expenses that firms face when they change prices, such as the costs for managers to analyze market conditions, update sales materials, change billing records, redo product and price labels, and deal with customer dissatisfaction due to frequent price changes. These costs are comparable to printing a new set of menus with different prices in a restaurant and can be significant in a macroeconomic context as the process of changing all prices throughout the economy takes time.