Resource prices are fixed for some period of time because
a. some workers enter into long-term contracts.
b. firms purchase raw materials on set-price contracts.
c. many workers get pay increases only once a year.
d. All of the above are correct.
d
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You have data for sales of pizza for each of the 50 states in 2011. The type of graph to best display these data would be a
A) trend-line diagram. B) scatter diagram. C) multi-variable time-series graph. D) cross-section graph. E) time-series graph.
If a technological advance takes place in the computer industry, then the equilibrium price of a computer will ________ and the equilibrium quantity will ________
A) fall; increase B) fall; decrease C) rise; increase D) rise; decrease
Which of the following statements is not correct?
a. The government may use antitrust laws to prevent a merger if the government believes the merger will reduce competition and increase prices. b. By regulating a natural monopoly where price equals average total cost, the monopoly earns zero profits. c. An advantage of private ownership over public ownership is that private business owners tend to fire inefficient managers. d. The government should always intervene to improve monopoly inefficiency.
Money is a concept that has a certain value at a point in time.
Answer the following statement true (T) or false (F)