Collusive behavior guarantees economic profits in the long run for oligopolists
a. True
b. False
Indicate whether the statement is true or false
False
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The law of demand states that, other things remaining the same, the higher the price of a good, the
A) smaller is the demand for the good. B) larger is the demand for the good. C) smaller is the quantity of the good demanded. D) larger is the quantity of the good demanded.
The increased willingness of women to enter the workforce has most likely lead to
a. an increase in labor demand, higher real wages, and a lower price level. b. an increase in labor supply, higher real wages, and a lower price level. c. an increase in labor supply, higher real wages, and a higher price level. d. a decrease in labor demand, lower real wages, and no effect on the price level. e. none of the above.
The following Cobb-Douglas production function, Q = 1.8L0.74K0.36, exhibits
A) increasing returns. B) constant returns. C) decreasing returns. D) Both A and B
If you fall short of a certain minimum standard of living, you are poor; once you pass this standard, you are no longer poor. This refers to the ____ definition of poverty
a. average b. absolute c. relative d. threshold