Which of the following pairs is the most likely to exhibit an inverse relationship?
a. The price of a concert and the number of tickets people purchase.
b. Baseball players' salaries and their batting averages.
c. People's annual income and their expenditure on personal computers.
d. The amount of time you study and your grade point average.
a
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A change in any of the ceteris paribus conditions for demand leads to a
A) a good going from an inferior good to a normal good. B) movement along the demand curve. C) shift of the demand curve. D) change in supply.
Unlike other business organizations, corporations are distinct entities that can continue operations even if the people who began that business are no longer around.
Answer the following statement true (T) or false (F)
A natural monopoly is defined as an industry in which one firm
a. can produce the entire industry output at a lower average cost than a larger number of firms could. b. can produce the entire industry output at a lower marginal cost than a larger number of firms could. c. is very large relative to other firms that could enter the industry. d. can earn higher profits if it is the only firm in the industry rather than if other firms also enter the industry.
The income of a typical worker in a country is most closely linked to which of the following?
a. population b. productivity c. market power d. government policies