In the United States in 2016, the percentage of firms that employed between 3 and 199 workers and did not offer health insurance as a fringe benefit to the workers was about
A) 2%.
B) 45%.
C) 61%.
D) 98%.
Answer: B
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In Figure 6-5, if price falls from point A to point B along the unit-elastic demand curve,
A. total expenditure remains unchanged. B. total expenditure increases. C. total expenditure decreases. D. total expenditure first increases and then declines.
If an oligopolistic firm in a game theory kind of market cuts price, in the long run
a. the other firms will follow and all firms will be worse off b. the price cutter will be worse off if other firms don't cut price as well because revenue equals price times output and since price was cut, its revenue must be less c. its market share and profit will increase at the expense of its rivals d. the other firms will follow and all firms will be better off because at lower prices, industry sales will increase e. it will become a monopoly, having outsmarted its rivals, and will be able to raise the price again. That's how the game is played.
A demand curve that is perfectly horizontal is
A. perfectly elastic. B. perfectly inelastic. C. relatively elastic. D. relatively inelastic.
You use $50,000 of your own money to start a catering business. During the first year you earn a 5% return on that investment. If the current interest rate is 8%, you earn an economic profit of
A. -$4,000. B. -$2,500. C. -$1,500. D. $4,000.