The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:
A. the league imposes harsh penalties for steroid use.
B. specialization by pitchers, infielders, and outfielders has made it harder for batters to hit.
C. baseball diamonds have become larger.
D. the average quality of batters has fallen.
Answer: B
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What do economists mean when they say that a firm's plant is fixed?
What will be an ideal response?
Over time, nations tend to converge to
A) the same balanced growth path and same income per capita. B) the same balanced growth path but varying income per capita. C) different balanced growth paths but the same income per capita. D) different balanced growth paths because of varying income per capita.
Economists typically assume that the owners of firms wish to
A) produce efficiently. B) maximize sales revenues. C) maximize profits. D) All of the above.
Compared to the market demand curve, a demand curve facing a monopolistically competitive firm would be
a. more elastic. b. vertical. c. horizontal. d. the same as the market demand curve. e. less elastic.