Pluralistic ignorance exists when the members of a group believe one thing but mistakenly assume that most of the other members believe something else
Indicate whether the statement is true or false
TRUE
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Use the following graph to answer the next question.
If the government regulated the pure monopoly and made it set a normal profit price, what price and quantity of output levels would we observe in the short run?
A. P1 and Q1 B. P2 and Q3 C. P3 and Q2 D. P4 and Q1
Which one of the following is a source of conflict between owners and managers?
A. Managers and owners have a very short time horizon. B. Owners have short time horizons, while managers have to worry about future cash flows. C. Managers and owners worry about the entire future cash flows. D. Managers have short time horizons, while owners have to worry about future cash flows.
Refer to the diagram, which shows demand and supply conditions in the competitive market for product X. If supply is S 1 and demand D 0 , then
A. at any price above 0G a shortage would occur.
B. 0F represents a price that would result in a surplus of AC.
C. a surplus of GH would occur.
D. 0F represents a price that would result in a shortage of AC.
If a firm can increase its sales only by lowering its price, then
A) the firm is a price searcher. B) the firm's marginal revenue will be less than price. C) the demand curve for the firm's product is negatively sloped. D) all of the above are true.