The research of William Shepherd suggests that since World War II, the three main reasons for increased competition in U.S. industries are international trade, deregulation, and antitrust activity
a. True
b. False
A
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High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70?
A. 3 B. 4 C. 1 D. 2
Relying on majority rule of voting will yield a social optimum of all products
Indicate whether the statement is true or false
The price of an airline ticket rises as the amount of time between purchase and flight departure gets smaller. The airlines base the policy on the assumption that
a. consumers are not aware of airline prices. b. consumer demand is unrelated to prices. c. consumer demand becomes more elastic as departure time approaches. d. consumer demand becomes less elastic as departure time approaches.
How will a decrease in price affect a firm's revenues?
A) It depends on the price elasticity of demand. B) Revenues will stay the same. C) Revenues will decrease. D) Revenues will increase.