When a researcher evaluates the probability of an event by looking at how representative the sample is of the population of interest instead of the entire population, he is using:
a. an elimination heuristic.
b. an availability heuristic.
c. a representative heuristic.
d. a recognition heuristic.
C
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The Coase Theorem assumes
a. transactions are costless c. both (a) and (b) b. damages are accessible and measureable d. none of the above
A firm has the following production function:
q = (L1/3 + K1/3)3 a. Determine the returns to scale for this function. b. Determine the MRTS. c. Determine the Elasticity of Substitution.
An ad valorem tax:
A. is a fixed dollar amount that must be paid on each unit bought or sold. B. is a tax that is stated as a percentage of the good's price. C. is a tax that is stated as a percentage of the good's price, which increases as quantity bought increases. D. is a tax that is only paid by producers.
A firm must stress market share to be successful
Indicate whether the statement is true or false