The tournament effect
A) may help explain why CEO are highly paid.
B) why most golfers are below average.
C) explains why the behavior of total revenue often patterns lottery sales.
D) may help explain why CEOs are generally viewed as dishonest by the public.
A
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The price of a California orange is $2.00 and the price of a Florida orange is $1.00. If the price of California oranges goes down by one cent and the quantity demanded of Florida oranges goes up by one thousand, then
a. the cross elasticity is 0.4. b. these goods are substitutes. c. the price elasticity of demand for California oranges is 0.4. d. these goods are complements.
A market in which orders exist in large volume is said to have
A) depth. B) breadth. C) resiliency. D) efficiency.
Unemployment that arises from a lack of skills is known as ________
A) seasonal unemployment B) cyclical unemployment C) discouraged unemployment D) structural unemployment
Costs should always be evaluated before determining benefits.
A. True B. False C. Uncertain