If outcomes are ________, exactly one of the outcomes will occur and the probabilities add up to ________
A) probabilistic; between 0 and 1
B) exhaustive and mutually exclusive; 1
C) exhaustive; 1
D) mutually exclusive; between 0 and 1
B
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The majority of evidence points to the fact that, in the last decade in the United States, labor productivity has
A) stayed the same. B) increased. C) decreased in the manufacturing sector but increased in the service sector. D) decreased.
When the efficient quantity of output is being produced and sold, the deadweight loss is maximized
Indicate whether the statement is true or false
When the Fed lowers the discount rate, it makes it:
A. cheaper for banks to borrow from each other. B. cheaper for banks to obtain additional reserves by borrowing from the Fed. C. more difficult for banks to accept deposits. D. more difficult for banks to extend loans.
Why do perfectly competitive firms maximize their profits by producing so that the price is equal to marginal cost, but monopolists maximize their profits by setting a price that is greater than marginal cost?
What will be an ideal response?