Survivor bias occurs when data used in a study reflects too broad a sample of the population.
Answer the following statement true (T) or false (F)
False
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A straight-line demand curve has the same elasticity throughout its length.
Answer the following statement true (T) or false (F)
Two players are playing a game. Player 1 is given $100 and is asked to offer a certain share of the money to Player 2. Player 2 can then choose to accept or reject the offer
If he accepts the offer, the money will be split between the two players in the ratio as decided by Player 1. If he rejects the offer, neither of the players will get anything. a) Assume that both players prefer more money to less. How would Player 1 choose his optimal strategy in this case? b) If Player 2 prefers fairness to money, how will his decision change?
When firms exit a monopolistically competitive industry: a. the average total cost curves of remaining firms will shift upward
b. the demand curves of remaining firms are increased at each level of output. c. the remaining firms will decrease production. d. the average revenue received by remaining firms will decrease at each level of output.
When profits exist in a competitive price-searcher market,
a. rival firms will be attracted into the market. b. high barriers to entry will prevent rival firms from entering the market. c. product differentiation will prevent new firms from making a profit. d. the profits will persist because the firms face a downward-sloping demand curve.