The statement that "the rich get richer, and the poor get poorer" is supported by evidence of an expanding wage gap between high-skill and low-skill workers
a. True
b. False
Indicate whether the statement is true or false
True
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Antony's Pizza uses the same dough, sauce, and cheese for pizza and calzones. When the price of pizza is low Antony produces more calzones. For Antony, the supply of pizza is ________ compared to the supply at a pizza restaurant that does not serve calzones.
A. higher B. lower C. less price elastic D. more price elastic
Suppose the market demand for milk is Qd = 150 - 5P. Additionally, suppose that a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. Suppose the demand for milk doubles. How many total active firms are in the market in the long run due to the increased demand?
A. 10 B. 20 C. 100 D. 2
People:
a. tend to specialize in those activities in which their opportunity costs are minimum b. tend to specialize in those activities in which their opportunity costs are maximum. c. never consider opportunity costs while deciding which activities to specialize in. d. consider only direct costs while deciding which activities to specialize in. e. do not behave in their own self-interest.
The infant-industry argument is the only perfectly valid argument for protection
Indicate whether the statement is true or false