A draft system, whether in professional sports or the military, enables the people who are hiring to avoid paying their employees
A) a living wage.
B) the true value of their labor.
C) what others are willing to pay them.
D) what they want to be paid.
C
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If there are four firms in a market and one has a 40 percent market share, one has a 25 percent market share, one has a 20 percent market share, and one has a 15 percent market share, the Herfindahl-Hirschman Index (HHI) in this market is ________.
A) 2,850 B) 5,250 C) 1,270 D) 8,250
Claire has just eaten her second bowl of cereal. We can say:
A. her second bowl likely reduced her total utility. B. her second bowl likely added less to her total utility than the first. C. her third bowl will likely decrease her total utility. D. her third bowl will likely increase her total utility by at least as much as the second.
The average person is more likely to make a mistake choosing ___________ than what to have for dinner due to the complex nature of the topic.
A. how to save for retirement B. which college to attend C. which type of health plan to choose D. All of these statements are true.
Perfectly competitive firms cannot individually affect market price because
A. Demand is perfectly inelastic for their goods. B. There are many firms, none of which has a significant share of total output. C. The government exercises control over the market power of competitive firms. D. There is an infinite demand for their goods.