The restaurant industry is an example of a(n) ________ industry.
A. perfectly competitive
B. oligopolistic
C. monopolistically competitive
D. monopolistic
Answer: C
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The formula for price elasticity of demand that is used in practice
A. usually drops all minus signs. B. usually takes on different values at different points on the demand curve. C. may calculate the percentage change in price between P1 and P2 as “(P2 ? P1) as a percentage of (P1 + P2)/2.” D. All of the responses are correct.
Export-led growth tends to
A) discourage competition in the global economy. B) exploit domestic comparative advantages. C) lead to unemployment among domestic workers. D) help firms benefit from diseconomies of large-scale production. E) lower the overall volume of imports.
Income disparities alone prove the existence of racial discrimination in the labor market
Indicate whether the statement is true or false
Explain how
(i) a risk-averse individual, (ii) a risk-neutral individual, and (iii) a risk-preferring individual would respond to the opportunity of placing a bet at fair odds.