Which of the following is a per se violation?
A. Price discrimination
B. Price-fixing
C. Extremely high Herfindahl index
D. Horizontal merger
B. Price-fixing
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Evan knows his GPA would skyrocket if he could break his horrible habit of procrastinating. An example of a commitment device Evan could use would be:
A. to allow himself one hour of leisure for every half-hour of studying he does each day. B. to exercise before studying in order to be refreshed. C. to pay a student to meet him each afternoon for 2 hours in the library to ensure he studies every day. D. All of these are commitment devices.
In the context of labor markets, shirking refers to:
A. the nonmonetary disadvantages of certain jobs. B. the neglecting or evading of work. C. the elimination of monitoring costs. D. any scheme where pay is directly related to worker output.
A perfectly competitive wheat farmer in a constant-cost industry produces 3,000 bushels of wheat at a total cost of $36,000. The prevailing market price is $15. What will happen to the market price of wheat in the long run?
A) The price remains constant at $15. B) The price falls to $12. C) The price rises above $15. D) There is insufficient information to answer the question.
If the supply of bottled water decreases and at the same time the demand for bottled water increases, the equilibrium price ________ and the equilibrium quantity ________
A) might rise, fall, or stay the same; decreases B) might rise, fall, or stay the same; increases C) falls; increases D) rises; might increase, decrease, or stay the same