Arrow's impossibility theorem demonstrates the impossibility of the median voter theorem
a. True
b. False
Indicate whether the statement is true or false
False
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Why, in the U.S., do professional soccer players command a far lower salary than professional baseball players?
A) Soccer is in much less demand. B) Soccer costs less to manage and perform compared to baseball. C) Soccer has yet to mature. D) The baseball players prefer lobbied to keep soccer salaries low.
When market price is above equilibrium price
A. a shortage is generated. B. market price will rise. C. quantity supplied is greater than quantity demanded. D. None of these choices are correct.
To sell an extra unit of output, a perfectly competitive firm ________, and an imperfectly competitive firm ________.
A. must hope the market price falls; must lower its price B. must lower its price; must lower its price C. need not alter its price; must lower its price D. need not alter its price; need not alter its price
The aggregate demand curve indicates the relationship between:
A. the real wage rate and the quality of resources demanded by producers of goods and services. B. the interest rate and the amount of loanable funds demanded by borrowers. C. the natural rate of unemployment and the demand for goods and services when the economy is in long-run equilibrium. D. the general price level and the aggregate quantity of goods and services demanded.