If the idea of herd instinct is true, it suggests that the:
A. efficient-market hypothesis does, in fact, hold.
B. inefficient-market hypothesis doesn't always hold.
C. efficient-market hypothesis doesn't always hold.
D. inefficient-market hypothesis does, in fact, hold.
Answer: C
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Refer to Scenario 17.4. If the flood control system were in place, the firm could insure against a flood for an annual premium of
A) $5,000. B) $10,000. C) $100,000. D) $200,000. E) $1,000,000.
A rise in the overall price level means that:
A. a given number of dollars won't buy as much real goods and services. B. dollar-denominated assets have lost their value. C. the cost of living has gone down. D. None of these is true.
When might an employer be willing to increase wages?
a. when the quantity of labor supplied exceeds demand b. when workers are willing to undercut the established wage c. when the prevailing wage exceeds the equilibrium level d. when the prevailing wage is below the equilibrium level
If a firm is a perfect competitor, then
A. its marginal cost will exceed marginal revenue at the optimal level of output. B. it is impossible for the firm to earn short-run economic profits. C. it can independently set the price of the product it sells without regard to what other firms in the market are doing. D. the demand curve for its product is perfectly elastic.