Psychologists have found that people tend to be ________ in their own judgments
A) underconfident
B) overconfident
C) indecisive
D) insecure
B
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Which of the following conditions hold true for both the perfectly competitive firm and the monopoly at the profit-maximizing output level?
A) MR = P B) MC = ATC C) MC = P D) MR = MC
The supply curve indicates
a. the price that will be charged for each unit of a good or service b. how much people are willing to pay for a good or service c. the minimum price some seller must receive in order to supply each unit of a good or service d. the value of each unit of a good or service e. the maximum price some seller can expect to receive from supplying each unit of a good or service
Inflation is
A. A situation in which purchasing power increases. B. A rise in the price of every good but not any service. C. An increase in the average level of prices of goods and services. D. An increase in relative prices of all goods and services.
Suppose the larger firm of a duopoly has sales of $400 million and the smaller firm has sales of $100 million. The market share of the larger firm is
A. 40 percent. B. 10 percent. C. 20 percent. D. 80 percent.