If the quantity of the variable on the y-axis increases by 10 when the quantity of the variable on the x-axis decreases by 2, then the slope of the curve equals
A) 10.
B) -10.
C) 2.
D) -5.
E) None of the above answers is correct.
D
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Computer chips are a normal good. Suppose the economy slips into a recession so that income falls. As a result, the demand for computer chips ________ so that the price of a computer chip ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls E) decreases; does not change
When the errors are heteroskedastic, then
A) WLS is efficient in large samples, if the functional form of the heteroskedasticity is known. B) OLS is biased. C) OLS is still efficient as long as there is no serial correlation in the error terms. D) weighted least squares is efficient.
Which of the following is a difference between a monopolist and a firm in perfect competition?
a. The marginal revenue curve is downward-sloping. b. Marginal revenue equals price. c. Economic profits are zero in the long-run. d. The marginal revenue curve lies above the demand curve.
If market demand increases and market supply decreases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. indeterminate; decrease b. indeterminate; increase c. decrease; decrease d. increase; increase