Two variables are uncorrelated if:
A. they move in the same direction.
B. they move in the opposite direction.
C. their movements tend to be unrelated.
D. one is simply a multiple of the other.
C. their movements tend to be unrelated.
You might also like to view...
Positive economic profits in a perfectly competitive market imply that:
A) producers are earning more than their opportunity cost. B) existing firms are likely to leave the market. C) the cost of production is equalized across producers. D) government intervention is required to stabilize the market.
The two tendencies of a firm in a cartel are the incentive to:
A. cheat to maximize joint profits and the incentive to raise prices. B. cheat and avoid collusion and the incentive to raise price to maximize the firm's share of profits. C. increase output in order to minimize per-unit cost and the incentive to reduce price in order to maximize joint profit. D. cooperate to maximize joint profits and to cheat on the agreement in order to increase the firm's share of the profit.
Refer to the above figure. The profit-maximizing price for this firm is
A. P1. B. P2. C. P3. D. P4.
Suppose that each worker must use only one shovel to dig a trench, and shovels are useless by themselves. In the long run, the firm will experience
A) increasing returns to scale. B) constant returns to scale. C) decreasing returns to scale. D) The returns to scale cannot be determined from the information provided.