Suppose price decreases from $27.00 to $13.00. Using the mid-point formula, the percentage change in price is:
A. 0.35 = 35 percent.
B. 0.7 = 70 percent.
C. 0.7 = 70 percent.
D. 14 percent.
B. 0.7 = 70 percent.
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Moral hazard occurs when contracts are written in such a way that
A) the interests of agent and principal converge. B) the interests of agent and principal diverge. C) agents will wish to maximize the principal's utility. D) production and risk-bearing efficiency are achieved.
The current base period for the CPI is
a. 1967. b. 1977. c. 1982–1984. d. 1990.
The introduction of a union into an industry
a. raises wages and employment in that industry. b. lowers wages and employment in that industry. c. lowers wages and raises employment in that industry. d. raises wages and lowers employment in that industry.
The antitrust laws aim to
a. discourage firms from moving production facilities overseas. b. encourage mergers to take advantage of economies of scale. c. facilitate cooperation among firms in oligopolistic industries. d. prevent firms from acting in ways that reduce competition.