Professional baseball teams in the United States use only wooden bats. If aluminum bats were permitted, the impact on the wooden bat market would be
A. a higher price for wooden bats.
B. a lower price for wooden bats.
C. an increase in the number of firms producing wooden bats.
D. higher wages for workers in the wooden bat industry.
Answer: B
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In the long run,
a. competitive firms' profits are zero. b. competitive firms' variable costs are zero. c. competitive firms' ATC curves shift upward or downward to ensure that all demand is satisfied. d. the number of firms in the market is fixed.
Which of the following statement is NOT correct?
A. Asking people how many times a week they go out to eat is an example of performaing a survey. B. A random sample is selected so that on each selection from the population, every unit remaining in the population has an equal chance of being chosen. C. If we examine some of the population measurements, we are conducting a census of the population. D. When the data are collected over different time periods, we are analyzing time series data.
The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
The maximum number of dresses that Becky can make in a day is represented by point:
A. U B. W C. T D. V
Which of the following is considered a classic example of an externality?
a. pollution b. monopoly c. sunlight d. inflation