Which statement is true?
A. Most oligopolies have many firms.
B. The U.S. auto industry has a concentration ratio of 50 percent.
C. Administered prices are most likely to occur under monopoly.
D. In the U.S. today collusion is illegal but nevertheless still exists.
D. In the U.S. today collusion is illegal but nevertheless still exists.
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If people follow the rule of rational choice they will choose options that they think will:
a. create more average benefits than average costs b. create more additional costs than additional benefits c. create equivalent additional benefits and additional costs d. create more additional benefits than additional costs
Which of the following could explain a decrease in labor supply to a particular labor market?
a. an increased preference for this type of work b. a decrease in the size of the population c. an increase in the number of firms in the market d. a leftward shift of the marginal revenue product curve of labor at a typical firm e. a reduction in wages rates for similar types of work
Recessions occur at irregular intervals and are almost impossible to predict with much accuracy
a. True b. False Indicate whether the statement is true or false
Jeremiah is not a fan of the ballet, but he believes that his friends all enjoy the cultural experience that ballet brings and he does not want to appear unsophisticated
Unbeknownst to Jeremiah, all of his friends share the same opinion of the ballet as he does, and none of them want to appear unsophisticated to the rest of the grouA) diffusion of responsibility. B) dysfunctional family syndrome. C) pluralistic ignorance. D) a prisoner's dilemma.