An implication of the median voter theorem is that Republicans and Democrats will try to align their views with those of the median voter
a. True
b. False
Indicate whether the statement is true or false
True
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A firm in monopolistic competition has some degree of price-setting power because
A) in the long run it earns a normal profit. B) it can never earn less than normal profit. C) the price it charges is never more than its marginal cost. D) if it raises its price, the quantity it can sell will not decrease to zero.
In 2012 Nike reduced the price of its running shoes by 20 percent. As a result, the substitution effect caused
A) the demand for Nike shoes to increase. B) people to switch from Adidas shoes and buy more Nikes. C) the relative price of Nikes to increase. D) the demand curve for Nikes to shift rightward.
Rubin's Classic Book Shop has been advised that raising prices would lead to higher revenues because his product demand is elastic. The consultant giving this advice should be fired for bad information
Indicate whether the statement is true or false
In effect, an annuity provides insurance
a. against the risk of dying and leaving one's family without a regular income. b. against the risk of living too long. c. to people who are not risk-averse. d. to people whose utility functions do not display the usual properties.