A political candidate running in a two-person race is likely to occupy
A) an extreme end of the political spectrum and hope that his or her opponent will gravitate toward the middle so that he or she can then claim that his or her opponent has flip-flopped.
B) the middle of the political spectrum and label his or her opponent as an extremist (either liberal or conservative).
C) a position somewhere between the middle of the political spectrum and an extreme end so that he or she can move either way shortly before the election.
D) one extreme end of the political spectrum early in the race and the other extreme end near the end of the race.
B
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The price of season tickets to a performing arts theater decreases by 3%. As a result, the quantity demanded increases by 6%. The price elasticity of demand for season tickets is
A. -2. B. -18. C. -9. D. -0.5.
A firm maximizes profit by operating at the level of output where
A) average revenue equals average cost. B) average revenue equals average variable cost. C) total costs are minimized. D) marginal revenue equals marginal cost. E) marginal revenue exceeds marginal cost by the greatest amount.
A graphical tool that provides a visual representation of the consequences of alternative strategies is a:
A. game tree. B. network. C. strategy set. D. decision node.
In the above table, if this is a perfectly competitive firm and the market price of the product is $8, what is the marginal revenue product of worker 3?
A. $240 B. $96 C. $80 D. $88