The firm shown in the figure above is
A) a natural monopoly because its LRAC curve slopes downward where it intersects the demand curve.
B) not a natural monopoly because its LRAC curve slopes downward where it intersects the demand curve.
C) not a natural monopoly because its MC curve is horizontal.
D) not a natural monopoly because its MC curve is below its LRAC curve.
A
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Ryan saved $50,000 last year in his bank account so that he could buy a car this year. In this case, money served the function of a ________
A) unit of account B) means of deferred payment C) store of value D) medium of exchange
The above table shows the total product schedule for Hair Today, a hair styling salon. The average product when four workers are hired is
A) 10 hair stylings. B) 15 hair stylings. C) 20 hair stylings. D) 240 hair stylings. E) the same as when five workers are hired.
Of the following demographic groups in the United States, which is least likely to be poor?
a. female headed households with no husband present b. African-American households c. full-time workers d. part-time workers
Which of the following is not an implication of hardwired heuristics?
A. Getting people to make positive behavioral changes is about putting them in situations where heuristics kick in and lead them to the desired outcome. B. Getting people to make better decisions is simply a matter of providing more information and more options. C. People who know and understand hardwired tendencies of others can take advantage of situations. D. Even when confronted with irrefutable information that a behavior is detrimental, people still may not change what they're doing.