Suppose Anna just received a parking ticket. According to the availability heuristic, this will tend to make Anna:
A. dislike parking tickets.
B. think people frequently receive parking tickets.
C. less likely to pay future parking tickets.
D. think people should not receive parking tickets.
Answer: B
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An increase in license fees -- a long run recurring fixed cost -- will lead to a drop in the number of firms competing in a competitive industry.
Answer the following statement true (T) or false (F)
The market demand for a monopoly firm is estimated to be:Qd = 100,000 - 500P + 2M + 500PRwhere Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The manager has forecasted the values of M and PR will be $50,000 and $20, respectively, in 2016. For 2016, the inverse demand function is
A. P = 600 - 0.001Q. B. P = 600 - 0.004Q. C. Q = 300 - 0.005P. D. P = 300 - 0.002Q. E. none of the above
When a variable is top coded, its value is known only up to a certain threshold.
Answer the following statement true (T) or false (F)
A long-term loan that is given to a firm is known as a
A. bond. B. random walk. C. dividend. D. share of stock.