Which of the following is NOT one of features characterizing market structures?
A. the level of capital investment in research and development
B. the degree of product differentiation
C. the number and size of firms
D. the likelihood of new firm's entering a market
Answer: A
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An example of a randomized controlled experiment is when
A) households receive a tax rebate in one year but not the other. B) one U.S. state increases minimum wages and an adjacent state does not, and employment differences are observed. C) random variables are controlled for by holding constant other factors. D) some 5th graders in a specific elementary school are allowed to use computers at school while others are not, and their end-of-year performance is compared holding constant other factors.
A maximum price set below the equilibrium price will:
A. cause excess demand and increase total surplus. B. cause excess demand and decrease total surplus. C. cause excess supply and increase total surplus. D. cause excess supply and decrease total surplus.
The ability to produce an item at a lower opportunity cost compared with other producers is known as
A) competitive dominance. B) productive dominance. C) comparative advantage. D) absolute advantage.
Although all points on the production possibilities frontier are efficient, that alone does not determine which point is “best” for the society.
Answer the following statement true (T) or false (F)