What best describes the changes in steel production from 1860-1910?
a. The Bessemer process replaced earlier methods of production and became the dominant method of producing steel by 1910.
b. The Bessemer process replaced older methods of production and was later displaced by the open-hearth process.
c. The open-hearth process, the first method of producing steel, was replaced by the Bessemer process.
d. The Grandy process replaced both the open-hearth process and older technologies.
b. The Bessemer process replaced older methods of production and was later displaced by the open-hearth process.
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A "vertically integrated firm" is a firm that
a. combines firms which formerly competed. b. manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm. c. earns zero economic profits due to the highly competitive market within which it operates. d. has representatives on its board of directors from many of the companies that it buys from and sells to.
Martin is in the market for a new television set. He is deciding between two sets: one is rather expensive but offers a guarantee; the other has a lower price but offers no guarantee. Martin's decision to buy the expensive set would indicate that:
a. Martin does not know a good deal when he sees it. b. Martin interpreted the guarantee as a signal of quality. c. Martin did not shop around to get a better deal. d. Martin is not maximizing his utility. e. Martin has a high income.
In a common-value setting
a. Oral auctions tend to return higher prices
b. Sealed bid auctions tend to return higher prices
c. Vickery auctions tend to return higher prices
d. Rotating bid auctions tend to return higher prices
Measuring "y" on the vertical axis and "x" on the horizontal axis, convexity of indifference curves implies that the MRS of "y" for "x"
A) is decreasing as "x" increases. B) is increasing as "x" increases. C) is constant as "x" increases. D) cannot be calculated for large levels of "x".