Which of the following statements is not correct?
a. Novels are likely to be produced in a monopolistically competitive industry.
b. Cable television is likely to be produced in a monopoly industry.
c. Milk is likely to be produced in a monopolistically competitive industry.
d. Cigarettes are likely to be produced in an oligopoly industry.
c
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An inelastic supply schedule means that _____
a. suppliers are unwilling to substitute away from producing the good b. demanders are unwilling to substitute away from consuming the good c. demanders are unwilling to substitute towards consuming the good d. suppliers are unwilling to shift any portion of an imposed tax onto demanders
From 1680 to 1770 average ship speeds:
a. increased by 100 percent. b. increased by 80 percent. c. increased by 75 percent. d. decreased by 50 percent. e. did not change appreciably.
The standard deviation of the error terms in an estimated regression equation is known as:
a. coefficient of determination b. correlation coefficient c. Durbin-Watson statistic d. standard error of the estimate e. none of the above
The law of diminishing marginal returns
A) results in average total cost (ATC) and marginal cost (MC) curves eventually increasing at an increasing rate. B) results in MC but not ATC curves eventually increasing at an increasing rate. C) causes average fixed costs to decline continuously as output increases. D) causes the difference between average total cost and average variable cost to shrink as output increases.