Which statement is false?
A. Winner-take-all markets are spreading.
B. The U.S. has the highest hourly wage and fringe benefits of all the industrial nations.
C. Real hourly wages in the U.S. were lower in 1994 than they were in 1986.
D. None of these statements are false.
B. The U.S. has the highest hourly wage and fringe benefits of all the industrial nations.
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An import is any good that is:
A) produced and consumed domestically. B) priced through an auction mechanism. C) produced abroad, but sold domestically. D) rationed and licensed by the government.
Which of the following will happen if a firm in a duopoly with homogeneous products increases its price above its marginal cost once a Nash equilibrium is reached?
A) The firm will earn huge economic profits. B) The firm will gain market share. C) The firm will lose all its customers to its rival. D) The firm will continue to earn zero economic profits.
Which graph in the above figure best represents a good that is an inferior good at some income levels, and a normal good at other income levels?
A) Graph A B) Graph B C) Graph C D) Graph D
In the short run, average variable cost equals:
A. average total cost minus average fixed cost. B. total cost minus total fixed cost. C. total cost divided by output. D. output divided by total cost.