The notion that there are no consumers who lose when a Walmart enters a city
A. is wrong because some consumers prefer shopping at stores that ultimately close.
B. is right because consumers can always shop elsewhere.
C. is wrong because some consumers shop elsewhere.
D. is right because everyone prefers Walmart.
Answer: A
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Which of the following statements is true?
A) The wages expected by potential workers are independent of their work experience. B) Some people seeking paid jobs may not be able to find employment. C) The wages expected by potential workers are independent of their educational qualifications. D) All people seeking paid jobs are eventually employed.
If real salaries decrease but nominal salaries do not, this means that
A) prices have risen. B) prices have fallen. C) prices have not changed. D) the purchasing power of money has increased.
Incrementalism describes the notion that _____
a. an agency's budget increases a small amount each year b. only one or two new programs are added to the budget every year c. government employees should only receive a cost-of-living adjustment annually d. government is slow to act because it is politically difficult to do so
The short-run break-even price is the point at which
A) price is less than marginal cost. B) marginal cost, average total cost and marginal revenue are all equal. C) average variable cost is at a minimum. D) marginal cost, price and average variable cost are all equal.