In building a model the assumption that allows economists to study only the factors being analyzed is the
A) rationality assumption.
B) ceteris paribus assumption.
C) the self-interest assumption.
D) the scarcity assumption.
B
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The minimum point of a U-shaped curve,
A) is a point where the variable is neither increasing nor decreasing. B) has a slope equal to zero. C) has the maximum slope possible. D) Both answers A and B are correct. E) Both answers A and C are correct.
When a game is played repeatedly
A) only customers learn. B) customers and firms are both able to learn. C) firms end up colluding. D) a prisoner's dilemma will be the equilibrium.
Which of the following is NOT a protected title vii class?
a. race b. age c. sexual preference d. religion
If the variable costs of a profit-maximizing pure monopolist decline, the firm should:
A. produce more output and charge a higher price. B. produce more output and charge a lower price. C. reduce both output and price. D. raise both output and price.