A ________ p-value means the probability is ________ of getting the result you find in the sample data if the null hypothesis is true.
A. small; small
B. negative; certain
C. positive; certain
D. small; large
Answer: A
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Market demand curves are obtained by
A) observing the behavior of an individual consumer in a market. B) observing the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graph. C) averaging the quantities every consumer is willing to buy at each different price. D) summing the quantities every consumer is willing to buy at each different price. E) determining the price each consumer is willing to pay for the good and summing those prices across all consumers.
Competition exists among sellers only if they
A) all set price equal to marginal cost. B) are price takers. C) are so numerous that no one of them can affect the price by restricting output. D) receive no special privileges from government. E) struggle to satisfy potential buyers.
The law of supply states that
a. as prices increase, quantity supplied decreases. b. price changes are always in the same direction as supply changes. c. a change in price causes a change in supply. d. price and quantity supplied are positively or directly related.
A negative externality is internalized when __________ until the socially optimum level of production is obtained.
A. supply shifts to the left B. supply shifts to the right C. demand shifts to the right D. b and c E. none of the above