Knowing that most people do not care to be outliers, one way to get people to behave a certain way is to:
A. let them know it is a social norm to behave that way.
B. encourage the behavior of the majority.
C. tell them everyone else does it.
D. All of these statements are true.
Answer: D
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Given that energy is an input in production, the development of a cheaper source of energy will result in:
a. a lower price level and a lower amount of production. b. a higher price level and a higher amount of production. c. a lower amount of production at every price level. d. a higher amount of production at every price level. e. a lower profit at every price level.
In order for a market to be classified as an oligopoly,
a. there must be fewer than 10 firms b. the four largest firms must have 90 percent of the market c. there must be fewer than 5 firms d. the firms must be strategically interacting e. the firms must be strategically independent
For all perfectly competitive firms in the short run and in the long run,
a. price equals marginal revenue b. demand is perfectly inelastic c. only economic profit is earned d. only normal profit is earned e. the market demand curve is horizontal
The author of the New Industrial State, who believes that managerial bureaucracy controls corporate goals and behavior, is
a. William Baumol b. John K. Galbraith c. Milton Friedman d. Richard Lester e. Lester Thurow