The compensated demand curve
A. shows how the quantity demanded changes when the price changes.
B. shows how income is compensated, so that the individual's commodity bundle stays on the same indifference curve.
C. is sometimes referred to as the Hicksian demand curve.
D. all of these answer options are correct.
D. all of these answer options are correct.
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Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4, what is the value of marginal product of the 4th worker?
A) $240 B) $70 C) $10 D) $40
The formulae for the AIC and the BIC are different. The
A) AIC is preferred because it is easier to calculate B) BIC is preferred because it is a consistent estimator of the lag length C) difference is irrelevant in practice since both information criteria lead to the same conclusion D) AIC will typically underestimate p with non-zero probability
Which of the following statements is true in the context of the long run?
a. All the factors of production are fixed. b. No new firms enter the market. c. The producer can vary all the factors of production. d. The firms earn positive economic profit. e. Large firms tend to acquire market power.
The Bureau of Labor Statistics releases its employment report
a. on the first Friday of every month. b. on the first Friday of every quarter. c. once every four months. d. on the first Friday every two months. e. once every six months.