The expected value of a random variable is:
a. the measure of its variability.
b. the most likely outcome.
c. the outcome that will occur on average.
d. the relative frequency of a realization.
c
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Suppose that at the current level of output, price = $12, MC = $14, AVC = $7, and ATC = $9. Which of the following is TRUE?
A) The firm should decrease output. B) The firm should shut down. C) The firm should increase output. D) The firm should maintain the current level of output.
Generally speaking, protection from foreign competition benefits:
a. both domestic producers and foreign producers. b. both domestic consumers and foreign consumers c. domestic consumers and foreign consumers. d. neither domestic producers nor foreign producers. e. domestic producers at the expense of domestic consumers.
Which of the following is true?
a. The Great Depression re-enforces the view that raising taxes in the midst of a severe recession is a bad idea. b. The Great Depression clearly indicates that a prolonged period of monetary contraction will keep inflation low and promote monetary stability. c. The Great Depression illustrates that trade restrictions will protect domestic industry and save jobs. d. The Great Depression demonstrates that the political incentive structure during a severe downturn will encourage politicians to avoid frequent policy changes.
Which of the following is an argument in support of market power?
A.) Marginal cost pricing. B.) Economies of scale. C.) Price fixing. D.) Predatory pricing.