Refer to the information provided in Scenario 22.2 below to answer the question(s) that follow.SCENARIO 22.2: A survey of 1,000 people in Austin, Texas (population 900,000) found that those who have chosen to eat organic produce for at least the past 5 years have experienced fewer serious medical issues than those who have not elected to eat organic produce. Therefore, the conclusion was made that eating organic produce helps prevent people from experiencing serious medical problems.Refer to Scenario 22.1. Which of the following statements pertaining to the scenario is the most accurate with respect to selection bias?
A. The survey exhibits selection bias in that only 1,000 people were surveyed in a city with a population of 900,000).
B. The conclusion exhibits selection bias in that there may be other factors, such as those who eat organic produce also exercise on a more regular basis, that could account for fewer serious medical problems.
C. The survey exhibits selection bias in that the 5-year time frame used to gauge serious medical issues is not long enough.
D. All of the above are correct.
Answer: B
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In the long run, the main reason that a monopolist can earn positive economic profits while a perfectly competitive firm cannot is:
A. monopolists enjoy greater economies of scale. B. there are no barriers to entry in a perfectly competitive market. C. the monopolist faces an inelastic demand for its product. D. perfectly competitive firms face greater opportunity costs.
In the short run, a firm will produce a rate of output where marginal revenue equals marginal cost, even if total revenue is less than total cost, as long as total revenue exceeds total variable cost
Indicate whether the statement is true or false
Suppose that a federal election is coming soon and the government has been running persistent large budget deficits. Constitutional economists would most likely urge ___________________ in order to eliminate future budget deficits
A) voters to vote for liberal candidates B) voters to vote for conservative candidates C) Congress to pass a law constraining them to spend no more than what they are receiving in tax revenues D) Congress to remove all constraints on spending and taxes.
The marginal revenue for a single-price monopoly with a downward-sloping demand curve
A) is less than the price.
B) is greater than the price.
C) is equal to the price.
D) might be more than, less than, or equal to the price, depending on whether the slope of the demand curve exceeds 1.0 in magnitude.
E) might be more than, less than, or equal to the price, depending on whether the price elasticity of demand exceeds 1.0 in magnitude.