By convention, there are two major divisions of economics, called:
A. microeconomics and macroeconomics.
B. rational economics and irrational economics.
C. reservation price and opportunity cost.
D. marginal benefit and marginal cost.
Answer: A
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When network externalities are present, the market demand for the good in question becomes:
A. less elastic. B. more elastic. C. unit elastic. D. perfectly inelastic.
Ceteris paribus, or "all other things held constant", is an assumption that had which of the following effects on a demand schedule?
a) It takes only prices into account b) It considers the effects of all possible changes on demand c) It is accurate no matter what changes occur d) It is accurate at only one price level
A vertical demand curve has
A) infinite elasticity. B) positive elasticity. C) zero elasticity. D) negative elasticity.
Answer the following questions true (T) or false (F)
1. Corporate governance refers to the way in which a corporation is structured and the effect that structure has on the corporation's behavior. 2. Corporate managers and shareholders do not always have the same goals. 3. Tying salaries of top managers to the profits of the firm is a way to reduce the effect of the principal-agent problem.