If you want to become an actor, and you must join the Screen Actors Guild after your first job, the Screen Actors Guild is a(n)
A. closed shop.
B. open shop.
C. agency shop.
D. union shop.
Answer: D
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Because a competitive firm is a price taker, it faces a demand curve that is:
a. perfectly inelastic. b. relatively inelastic. c. relatively elastic. d. perfectly elastic.
The profit-maximization assumption of economic theory does not fit reality because:
A. all real firms want to maximize long-term profits rather than short-run profits. B. all real firms want to maximize their share of the market. C. real-world firms have many goals, which depend on the incentive structure incorporated into the firm's organization. D. real-world firms have a single goal, but this goal has nothing to do with profits.
In the mid-1990s, cattle ranchers in the United States kept raising cattle even though prices were at a ten-year low and below average total cost. What is the likely explanation for this?
A) Continuing to operate resulted in smaller losses than would have been incurred by shutting down. B) The ranchers were hoping to receive government subsidies. C) The exit costs were too high. D) Cattle is an important source of protein and its production is essential for the United States.
To determine an appropriate congestion tax, an economist has to assume that people respond to incentives
Indicate whether the statement is true or false