The Salvation Army is an example of a(n)
a. military organization
b. not-for-profit organization
c. partnership
d. S-corporation
e. U.S. government agency
B
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Which of the following statement is FALSE?
A. A market may be composed of only one buyer and one seller. B. Perfectly competitive markets are composed of many buyers and sellers. C. Some markets may have only a few sellers but exhibit the properties of perfect competition. D. All of the above statements are correct.
Selfishness is:
A. exhibited more strongly in the ultimatum game than in the dictator game. B. exhibited more strongly in the dictator game than in the ultimatum game. C. exhibited equally strongly in both the ultimatum and dictator games. D. rarely exhibited in either the ultimatum or dictator games.
As a general rule, an increase in the capital available to a society
A. reduces the slope of the production possibilities frontier, making it shallower. B. increases the slope of the production possibilities frontier, making it steeper. C. shifts the production possibilities frontier outward, away from the origin. D. shifts the production possibilities frontier inward, toward the origin. E. makes the production possibilities frontier more bowed out.
In a duopoly with homogeneous products, the best response of a firm is to charge a lower price than its rival as long as ________
A) the rival's price is above marginal cost B) the rival's price is below marginal cost C) the rival's price is above average cost D) the rival's price is below average cost