In the case of a natural monopoly, two firms can produce at lower average cost than one firm can.
Answer the following statement true (T) or false (F)
False
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The majority of evidence points to the fact that, in the last decade in the United States, labor productivity has
A) stayed the same. B) increased. C) decreased in the manufacturing sector but increased in the service sector. D) decreased.
Information asymmetry is present when:
A. one person knows more than another. B. there is risk. C. when both parties are lacking the same information. D. All of these statements are true.
Which of the following is a difference between panel and pooled cross-sectional data?
A. A panel data set consists of data on different cross-sectional units over a given period of time while a pooled data set consists of data on the same cross-sectional units over a given period of time. B. A panel data set consists of data on the same cross-sectional units over a given period of time while a pooled data set consists of data on different cross-sectional units over a given period of time C. A panel data consists of data on a single variable measured at a given point in time while a pooled data set consists of data on the same cross-sectional units over a given period of time. D. A panel data set consists of data on a single variable measured at a given point in time while a pooled data set consists of data on more than one variable at a given point in time.
An increase in the price of a product will reduce the amount of it purchased because:
A. supply curves are upsloping. B. consumers substitute relatively high-priced for relatively low-priced products. C. the higher price means that real incomes have risen. D. consumers will substitute other products for the one whose price has risen.