U.S. stock markets are based on the principle of
a. merit recommendations.
b. dominance of the SEC.
c. full disclosure subject to standard accounting procedures.
d. disclosure only of related party transaction.
e. all of the above.
C
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Office workers and word processing programs are complements if:
A. a decrease in the wage paid to office workers leads to an increase in the demand for word processing programs. B. a decrease in the wage paid to office workers leads to a leftward shift in the demand for word processing programs. C. an increase in the price of word processing programs leads to an increase in the demand for office workers. D. they perform similar functions.
Consumer surplus is accurately measured along (uncompensated) demand curves when tastes are quasilinear.
Answer the following statement true (T) or false (F)
Suppose a perfectly competitive market results in a long-run equilibrium price of $8 and quantity of 500. If this same market were a monopoly, which of the following price and quantity combinations would be the most likely?
A. Price: $10, Quantity: 350 B. Price: $8, Quantity: 500 C. Price: $6, Quantity: 650 D. Price will equal marginal revenue and quantity will be found where marginal revenue equals marginal cost.
"Higher prices always yield higher revenues." Do you agree or disagree? Why?
What will be an ideal response?