Which of the following industries is least likely to exhibit the characteristic of free entry?
a. bookstores
b. hairstyling salons
c. yoga studios
d. satellite radio
d
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The above figure shows the market for steel ingots. What is the change in consumer surplus if the market switches from competitive equilibrium to social optimum?
A) $625 B) $1250 C) $1875 D) $2500
If the MPS = 0.25, and intended investment falls from $100 to $75, national income will decrease by
a. $25 b. $75 c. $150 d. $125 e. $100
Which of the following would result from an increase in the demand for a good?
A. Both equilibrium price and quantity would rise. B. Both equilibrium price and quantity would fall. C. Equilibrium price would rise, and equilibrium quantity would fall. D. Equilibrium quantity would rise, and equilibrium price would fall.
A normally distributed random variable is symmetrically distributed about its mean, it can take on any positive or negative value (but with zero probability), and more than 95% of the area under the distribution is within two standard deviations.
Answer the following statement true (T) or false (F)