A ________ is a firm that faces a given market price and whose actions have no effect on that market price
a. monopoly
b. dominant firm
c. price taker
d. price maker
c
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In games with more than three players, the vertical axes measure
A) the number of players. B) payoffs. C) time. D) all of the above
In the late nineteenth century, technological improvements and cheaper transportation in the United States led to
a. a decrease in minimum efficient scale in many industries b. an increase in minimum efficient scale in many industries c. an overall reduction in productive efficiency d. a narrowing of markets e. price increases in many industries
Which of the following is not an example of a compensating differential?
a. paying workers who do dull, boring work higher wages than workers who do fun, interesting work, all else equal b. paying workers who work on the night shift higher wages than workers who work the day shift, all else equal c. paying workers who do more dangerous work higher wages than workers who do less dangerous work, all else equal d. paying workers with PhDs higher wages than workers with BAs, all else equal
The championship game will be held next weekend in your college's 40,000-seat stadium. The supply of tickets to the game:
A. depends on which teams make it to the championship game. B. is perfectly inelastic. C. will increase because the price charged will be higher. D. is elastic.