Table 15.1Table 15.1 shows the preferred budget in millions for a new sports facility and the number of thousands of voters in a community who prefer that budget. What budget does the median voter prefer?
A. 3
B. 4
C. 5
D. 6
Answer: C
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When a firm ignores the opportunity cost of capital when making investment or shutdown decisions, this is a case of
a. Fixed-cost fallacy b. Sunk-cost fallacy c. Hidden-cost fallacy d. None of the above
According to Joseph Schumpeter, the success of capitalism relies on:
a. continuous, small improvements to existing products. b. "gales of creative destruction." c. careful government direction of the manufacturing sector. d. a strong agricultural sector to support the manufacturing workforce.
Which of the following is a subtle way for a company to reassure their competitors that it is committed to a tit-for-tat strategy?
A. Setting prices below cost B. Price-matching guarantees C. Collusion D. Offering a commitment strategy
The U.S. market for locomotives is divided between two producers; General Electric has 70 percent of the market and General Motors has 30 percent. This market is an example of
a. a bilateral monopoly b. monopolistic competition c. a collusive monopoly d. a duopoly e. a cartel