One of the major drawbacks associated with parity pricing is that it
a. creates underproduction of food goods
b. doesn't apply to consumption by cattle and hogs of feed corn
c. causes many farmers to go out of business
d. stifles the adoption of new technology
e. helps the rich farmers more than the poor ones
E
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A perfectly competitive firm in the long run:
A. can earn positive or negative economic profits. B. makes zero economic profits. C. makes zero accounting profits. D. can earn negative accounting profits as long as economic profits are positive.
Pam did not get the job she wanted. Knowing her characteristics (listed below), which one factor most contributed to her NOT getting the job offer?
a. she put away her phone in the interview b. she looked down for most of the interview c. she greeted the receptionist when she arrived d. she wore a conservative business professional suit
A 4 percent reduction in the price of a product causes consumer expenditure to remain the same. The price elasticity of demand is:
A. greater than zero but less than 1. B. equal to 1. C. greater than zero. D. zero.
When MC > MR, the profit maximizing firm should
A. keep production unchanged. B. increase production. C. decrease production. D. shut down.