Microeconomics is the study of
a. government decisions
b. the federal government's budget
c. the economic behavior of entire nations
d. the economic behavior of individual decision makers
e. the overall economy
D
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If the painting firms in a city sign a contract outlining a pricing plan, they are involved in
A) price regulation. B) collusion. C) price competition. D) a legal form of business contract in the United States.
A car sells at different prices at different dealerships in an oligopolistic market. If a consumer has imperfect information about the price of a car at each dealership, he should
a. always gather all available information about prices. b. gather information about prices until the expected marginal utility of more information equals the marginal cost of gathering it. c. gather information about prices only if it can be gathered without cost. d. ignore information about prices because it is irrelevant to making an "optimally imperfect" decision.
Suppose that gasoline prices increase dramatically this month. Lola commutes 100 miles to work each weekday. Over the next few months, Lola drives less on the weekends to try to save money. Within the year, she sells her home and purchases one only 10 miles from her place of employment. These examples illustrate the importance of
a. the availability of substitutes in determining the price elasticity of demand. b. a necessity versus a luxury in determining the price elasticity of demand. c. the definition of a market in determining the price elasticity of demand. d. the time horizon in determining the price elasticity of demand.
Involuntary part-time workers are:
A. discouraged workers. B. counted as unemployed. C. considered out of the labor force. D. counted as employed.