Affirmative action laws require employers to search for qualified minority applicants, but not to necessarily give them jobs
a. True
b. False
Indicate whether the statement is true or false
True
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In the consumer choice problem, consumers are confronted with which of the following? a. A set of different consumer goods and services to choose from
b. A set of prices for those goods and services. c. A finite budget that constrains the quantity of goods and services that consumers can buy. d. Preferences or utility associated with consuming different quantities of each of the different goods and services. e. All of the above answers are correct.
In order to explain how societies deal with the problem of scarcity, economists apply simplified representations known as
A. simplifying assumptions. B. empirical tests. C. normative questions. D. models.
Entry leads to higher prices and profits in an industry.
Answer the following statement true (T) or false (F)
Economists use game theory to analyze strategic behavior, which takes into account
A) monopoly situations. B) the expected behavior of others and the recognition of mutual interdependence. C) the price-taking behavior of oligopolists. D) non-price competition. E) that increased demand decreases the market power of the firms in the market.