Suppose everyone in a town votes that they prefer improved public transportation systems instead of public parks, then according to the criteria of ________________, that preference should not change even if a third option, like a public zoo, is included.
A. Transitivity
B. No dictator
C. Unanimity
D. Independence of irrelevant alternatives
D. Independence of irrelevant alternatives
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What price will a perfectly competitive firm typically charge in the long run?
a. A price that equals the minimum of its average cost of production b. A price that is lower than its average cost of production c. A price that ensures an accounting profit and an economic profit d. A price that is lower than the price charged by competitors
What is a key criterion involved in deciding a natural monopoly?
a. Size of the firm relative to its competitors. b. Size of the firm relative to the total market demand for a product. c. Magnitude of profits generated by the company. d. A firm's ability to adapt to market changes.
Between 1975 and 2011, the wage gap between women with a high school education and women with a college education increased. In particular, in 2011 women with a college degree earned about
a. 12% more than women with a high school education. b. 26% more than women with a high school education. c. 70% more than women with a high school education. d. 81% more than women with a high school education.
What is the lowest price the firm would accept in the short run?
