These educational fields contribute to the advancement of technology in
A. scientific, engineering, and managerial education.
B. medical, mathematics, engineering.
C. chemistry, biology, computer science.
D. the liberal arts.
Answer: A
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Which of the following statements about profit maximizing firms in a competitive market is FALSE?
A) Firms earn no economic profit in the long run. B) Marginal revenue does not have to equal marginal cost. C) p - MC = 0. D) Price equals marginal revenue.
If the demand for a good is perfectly inelastic, what will happen to the quantity demanded if there is a tiny increase in price?
a. quantity demanded will increase proportionately b. quantity demanded will fall to zero c. quantity demanded will decrease proportionately d. quantity demanded will remain the same
A Nash Equilibrium in a game is that outcome in which:
A. each player is doing the best he or she can given the other player's action. B. the players' profits are equal. C. the players earn the highest profits possible. D. neither player plays his or her dominant strategy.
The price elasticity of demand measures
A. the change in quantity demanded due to a change consumer income. B. the change in price due to a change in demand. C. the responsiveness of price to a change in competition. D. the responsiveness of quantity demanded to a change in price.