The downward sloping labor demand curve demonstrates that as the ________ increases the ________ decreases
A) nominal wage; amount of labor supplied B) real wage; amount of labor supplied
C) real wage; amount of labor hired D) nominal wage; amount of labor hired
C
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The reference base period for the CPI is
A) currently 1982 to 1984. B) currently 1913. C) whatever the political party that is in control of Congress decides. D) currently 2005. E) the previous year.
The price elasticity of demand for a rental home in Luxury Resorts in the summer is 1.25 and is 2.25 in the spring. If Luxury Resorts faces a constant marginal cost of $500 per home rental, what is the profit-maximizing peak-load price to charge in the summer?
A) $1,250 B) $5,000 C) $900 D) $2,500
Whenever there is strong heteroskedasticity, it is preferable to use OLS rather than WLS, which may use a possibly misspecified variance function
Answer the following statement true (T) or false (F)
Which of the following is FALSE?
A. Engaging in predatory pricing is always more profitable than permitting existing firms to remain in the market. B. Being the first mover is always best. C. It is always more profitable to engage in limit pricing than to permit entry. D. All of the statements associated with this question are false.