A downward-sloping straight line exhibits a direct relationship between two variables
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following statements about price discrimination is false?
A) Price discrimination is a method for a seller to capture some consumer surplus. B) Compared to a single-price monopoly, the number of units sold increases when a monopoly price discriminates. C) Charging less for a second pizza that is identical to the first is an example of price discrimination. D) Price discrimination increases a monopoly's profit. E) All forms of price discrimination are illegal.
For most people, the problems of inflation are caused by the fact that
A) the inflation is unanticipated. B) the inflation is anticipated. C) the inflation rate causes the purchasing power of money to increase. D) all prices change so there is no way to protect themselves against the decline in their wealth.
Suppose external benefits are present in a market which results in the actual market price of $14 and market output of 150 units. How does this outcome compare to the efficient, ideal equilibrium?
a. The efficient outcome would be greater than 150 units. b. The efficient outcome would be less than 150 units. c. The efficient outcome would also be 150 units. d. The efficient price would be less than $14.
Competitive firms hire workers until the additional benefit they receive from the last worker hired is equal to (i) the additional cost of that worker. (ii) the wage paid to that worker. (iii) the marginal product of that worker
a. (i) only b. (iii) only c. (i) and (ii) only d. (ii) and (iii) only