Based on U.S. income data from 2011, the bottom fifth of all families received approximately what percent of all income?
a. 48.9 percent
b. 21.3 percent
c. 8.6 percent
d. 3.8 percent
d
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In a perfectly competitive industry, in the long-run equilibrium
A) the typical firm is producing at the output where its long-run average total cost is not minimized. B) the typical firm is earning an accounting profit greater than its implicit costs. C) the typical firm is maximizing its revenue. D) the typical firm earns zero profit.
In 2011 the top 5 percent of income earners accounted for over 50% of all income received by United States' families
a. True b. False Indicate whether the statement is true or false
Suppose two companies, Macrosoft and Apricot, are considering whether to develop a new product, a touch-screen t-shirt. The payoffs to each of developing a touch-screen t-shirt depend upon the actions of the other, as shown in the payoff matrix below (the payoffs are given in millions of dollars).
Suppose Apricot makes its decision first, and then Macrosoft makes its decision after seeing Apricot's choice. What will be the equilibrium outcome of this game?
A. Neither Apricot nor Macrosoft will develop a touch-screen t-shirt. B. Apricot will develop a touch-screen t-shirt, and Macrosoft will not. C. Macrosoft will develop a touch-screen t-shirt, and Apricot will not. D. Both Apricot and Macrosoft will develop a touch-screen t-shirt.
A purely self-interested diner is more likely to tip:
A. whenever he can afford to. B. always, to assure good service. C. only when dining in a restaurant at which he often eats. D. only when dining in a very up-scale restaurant.