A market economy provides solutions to almost all social ills such as poverty and environmental damage.
Answer the following statement true (T) or false (F)
False
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If a landlord will rent an apartment only to married couples over 30 years old, the landlord is allocating resources using a ________ allocation method
A) majority rule B) market price C) contest D) personal characteristics E) command
The managerial technique of markup pricing is consistent with the economic theory of profit maximization when the markup is positively related to the price elasticity of demand
Indicate whether the statement is true or false
Suppose two firms are in a game situation, and they each must decide on a strategy regarding whether to select a high price or a low price Profits for a firm are highest when it selects a low price, while the other selects a high price; profits are lowest if one selects a high price, while the other selects a low price; profits are in between when both select low prices; and profits are slightly higher when both select high prices. In the absence of collusion we expect
A) one of the firms to select a high price and the other a low price. B) one firm to select a high price and the other a low price in the first period, followed by a reversal in the second period. C) both to select high prices. D) both to select low prices.
If one were to consider a university as a business, the computers in the computer labs would be regarded by economists as
a. technology flows. b. mechanization flows. c. part of the university's stock of capital. d. a flow of services from the university's stock of capital.