Which of the following statements is not correct?
A. In large measure, economics is the study of how people make choices.
B. Economic analysis can be used to explain how both individuals and societies make decisions.
C. If poverty were eliminated, there would be no reason to study economics.
D. Economics is a behavioral science.
Answer: C
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The table above lists the market shares of the twenty makers of personal computers. The four-firm concentration ratio tells us that
A) the four largest firms have 20 percent of the market. B) there are no barriers to entry in this market. C) the firms sell differentiated products. D) all firms sell identical products.
The price per unit times the total quantity sold is
A) average revenue. B) marginal revenue. C) total revenue. D) price revenue.
______________ elect the firm's board of directors, and ______________ appoint the firm's management
a. Sole proprietors; partners b. Partners; sole proprietors c. Employees; employers d. Management; the board of directors e. Stockholders; the board of directors
The lemons model predicts that:
A. if there are low-quality goods in the market, there will be fewer or no high-quality items. B. if there are high-quality goods in the market, there will be fewer or no low-quality items. C. the more low-quality goods there are in the market, the more high-quality goods there will be in the market. D. if buyers are pessimistic about the percentage of low-quality goods on the market, sellers of low-quality goods will be able to charge higher prices than if buyers had neutral beliefs.