An industry in which an increase in output leads to a reduction in long-run per-unit costs is a(n)
A. increasing-cost industry.
B. constant-cost industry.
C. break-even cost industry.
D. decreasing-cost industry.
Answer: D
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The total value of inputs used in the production of 100,000 units of a good manufactured in a country is $150,000. Assume that the country produces only this good and each unit of the good sells for $10
What is the gross domestic product of the country? A) $1,000,000 B) $250,000 C) $150,000 D) $1,150,000
The ultimatum game and the dictator game are used in economic experiments to test whether fairness is an important influence on consumer decision-making
Indicate whether the statement is true or false
If the players in the figure shown act in their own self-interest, then we know that Dunkin Donuts will earn:
This figure displays the choices being made by two coffee shops: Starbucks and Dunkin Donuts. Both companies are trying to decide whether or not to expand in an area. The area can handle only one of them expanding, and whoever expands will cause the other to lose some business. If they both expand, the market will be saturated, and neither company will do well. The payoffs are the additional profits (or losses) they will earn.
A. $2 million.
B. $1 million.
C. $2 million.
D. $0 million.
Step one in the scientific method is
a. formulate a hypothesis b. reflect an opinion c. specify assumptions d. identify the question and define relevant variables e. test the hypothesis