For an oligopoly, when the quantity effect outweighs the price effect, firms may have the incentive to:
A. increase output.
B. decrease output.
C. not change the level of output.
D. leave the industry.
A. increase output.
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When a park is funded by visitors but not by taxpayers in general,
a. there will be too few parks because most people will not pay to use a park. b. visitors will be better served because poor service would lead to reductions in revenues. c. park budgets will decline. d. park quality will decline.
Gross domestic product (GDP) can be calculated using either the expenditure method or the income method.
Answer the following statement true (T) or false (F)
A relatively high wage is predicted to be enjoyed by workers where the
A. population is large relative to industrial activity. B. jobs are disagreeable or dangerous. C. jobs are pleasant and satisfying. D. demand is weak and supply is high.
The false belief that past outcomes affect future events is known as ______.
a. the endowment effect b. the gambler’s fallacy c. the law of diminishing marginal utility d. the ultimatum game