The interactions of producers and consumers in individual markets are part of the study of
a. macroeconomics.
b. monetary economics.
c. normative economics.
d. microeconomics.
d. microeconomics.
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Minimum-price laws designed to preserve competition
A) offer the certainty of lower prices in order to eliminate the possibility of higher prices. B) offer the certainty of higher prices in order to eliminate the possibility of higher prices. C) offer the possibility of higher prices in order to eliminate the certainty of higher prices. D) offer the sellers more competition among themselves.
A minimum wage set above the equilibrium wage rate is a price ________ that ________ the quantity of low-skilled labor demanded
A) ceiling; decreases B) ceiling; increases C) floor; decreases D) floor; increases
The accompanying table gives the outcomes and probability distribution of the number of times a student checks her e-mail daily:
Probability of Checking E-Mail Outcome (number of e- mail checks) 0 1 2 3 4 5 6 Probability distribution 0.05 0.15 0.30 0.25 0.15 0.08 0.02 Sketch the probability distribution. Next, calculate the c.d.f. for the above table. What is the probability of her checking her e-mail between 1 and 3 times a day? Of checking it more than 3 times a day? What will be an ideal response?
Which of the following is a possible disadvantage of a tournament?
A. The outcome of a tournament may appear to be random. B. Workers will stop providing effort as soon as they believe they have no chance to win the prize. C. Workers may collude to share the prize in order to provide lower levels of effort. D. Competitors have little incentive to help one another (and they may even sabotage each other's work). E. All of the above are possible disadvantages of a tournament.