If an event will NOT occur, it has a probability (pr) of
A) 0.
B) 0 < pr < 1.
C) 1.
D) Not enough information to determine.
A
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If Big City Electronics is in tacit collusion with two smaller electronics firms and Big City Electronics consistently makes price changes that the other two firms then also make, this is an example of ________ by Big City Electronics.
A) a precommitment B) price leadership C) a meet-or-release clause D) a meet-the-competition clause
Which statement is true?
A. A change in derived demand brings about a change in final demand. B. A change in final demand brings about a change in derived demand. C. A rise in final demand is associated with a decline in derived demand. D. None of these statements are true.
The 20 percent of families with the lowest income in the United States receive approximately ________ percent of total income.
A. 1 B. 15 C. 3 D. 20
The more inelastic the demand for a product, the more the actual burden of a tax on the product will:
A. fall on sellers. B. fall on buyers. C. fall equally on both buyers and sellers. D. create a larger deadweight loss (or excess burden).