Which of the following would be most likely to receive high economic rent payments?
A) farmer
B) professional baseball player
C) factory worker
D) doctor
B
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Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $20
A) the total consumer surplus from the purchase of tickets will be $122. B) only Violet and Walter will buy tickets. C) Xavier's consumer surplus is $50. D) everyone will buy a ticket except for Zachary.
The first stage in the regulatory process is
A) a crisis. B) response by the financial system. C) regulation. D) regulatory response.
When using regression analysis for forecasting, the confidence interval indicates
A) the degree of confidence that one has in the equation's R2. B) the range in which the value of the dependent variable is expected to lie with a given degree of probability. C) the degree of confidence that one has in the regression coefficients. D) the range in which the actual outcome of a forecast is going to lie.
Product differentiation in monopolistically competitive markets ensures that, for profit-maximizing firms,
a. marginal revenue will equal average total cost. b. price will exceed marginal cost. c. marginal cost will exceed average revenue. d. average variable cost will be declining.