Consider Figure 8.9. Choosing a high price is:
A. a dominant strategy for David but not for Becky.
B. a dominant strategy for Becky but not for David.
C. a dominant strategy for both David and Becky.
D. not a dominant strategy for either David or Becky.
Answer: D
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Answer the following statement(s) true (T) or false (F)
1. An industry's demand curve tends to be more elastic than the sum of the individual firms' labor curves. 2. A monopsonist's short-run demand curve for labor coincides with its marginal revenue product of labor curve. 3. A monopsonist will continue to hire additional laborers as long as their marginal revenue product exceeds the wage rate. 4. A monopsonist hires fewer workers and pays a lower wage than would be the case if many firms competed to hire labor. 5. The profit an owner receives is equivalent to the rent received for her entrepreneurial services.
Which of the following summarizes the information provided by a Lorenz curve?
A) the Gini coefficient B) the slope (the rise divided by the run) of the Lorenz curve at a particular point on the curve C) the income distribution ratio D) the Lorenz coefficient
Complete the following table of the distribution of personal income by households in a recent year. What does the data indicate about the equality of income distribution in the United States?
The major economic problem with recent farm policies is that they provide price and income subsidies that:
A. Are insufficient to keep farmers producing B. Increase the demand for farm products C. Slow the exodus of resources from agriculture D. Limit production to the most profitable products