Majority rule will produce the outcome most preferred by the median voter
a. True
b. False
Indicate whether the statement is true or false
True
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A firm that has taken advantage of economies of scale and expanded to become the only producer in the market is
A) a cartel. B) a natural monopoly. C) a monopolistic competitor. D) an oligopolist.
The law of demand says that as the price of a good rises,
a. buyers recognize that price may be even higher in the future, and so they buy now b. buyers purchase less in hopes that the price will fall in the future c. buyers purchase less, in part because their real income has fallen d. buyers purchase more, in part because the price of a substitute has risen e. buyers purchase more, in part because it has higher status at a higher price
In an Israeli factory, each worker can produce 2/5 of a shirt in an hour or 1/10 of a pair of pants in an hour. If there are 500 workers in the factory, what is opportunity cost of producing one shirt?
a. 1 pair of pants b. 4 pairs of pants c. 1/2 pair of pants d. 1/4 pair of pants e. 2 pairs of pants
Experience rating systems for pricing insurance discourage firms from spending money to try to improve their employees' health.
Answer the following statement true (T) or false (F)