Which of the following is true of experimental data?
A. Experimental data are collected in laboratory environments in the natural sciences.
B. Experimental data cannot be collected in a controlled environment.
C. Experimental data is sometimes called observational data.
D. Experimental data is sometimes called retrospective data.
Answer: A
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When the firm produces the quantity that sets marginal revenue equal to marginal cost, a perfectly competitive firm is
A) determining the price it will set. B) maximizing its revenues. C) maximizing its profit. D) establishing its shutdown point.
Why would a firm price discriminate? Because price discrimination allows the firm to
a. increase consumer surplus b. create brand multiplication c. select the best consumers who are willing to pay the highest price d. convert consumer surplus into economic profit e. shift its demand curve to the right
Which of the following is true of per capita GDP and GDP per hour worked?
a. Per capita GDP is smaller than GDP per hour worked b. Per capita GDP is larger than GDP per hour worked. c. Per capita GDP is a common measure of estimating U.S. productivity in business sectors. d. GDP per hour worked shows the average quantity of available goods and services per person.
The long-run aggregate supply curve is:
What will be an ideal response?