Which of the following is NOT considered an ingredient to an economic model?
A) Assumptions
B) Logic
C) Hypotheses
D) Experience
D
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The high cost of advertising during the Super Bowl will
A) not affect the efficient level of output because advertising is a sunk cost. B) will affect the efficient level of output because profits will fall significantly. C) not affect the efficient level of output because advertising is a fixed cost. D) Not enough information given.
Money spent on college tuition is considered human capital by economists
a. True b. False Indicate whether the statement is true or false
Suppose that the demand for light bulbs is inelastic, and the supply of light bulbs is elastic. A tax of $2 per bulb levied on light bulbs will increase the price paid by buyers of light bulbs by
a. less than $1. b. $1. c. between $1 and $2. d. $2.
A market where individual firms cannot affect the market price of their good is most likely:
A. a monopoly B. an oligopoly C. a monopolistically competitive market. D. perfectly competitive