If a voter expects to have little effect on government choices, that voter's behavior will reflect
a. rational ignorance
b. a cyclical majority
c. rent seeking
d. vote trading
e. a zero-sum game
A
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Which of the following is true?
A) The price charged by a monopolistically competitive firm is equal to the price charged by a perfectly competitive firm in the long run. B) The price charged by each firm in a monopolistically competitive market is equal in the long run. C) The profit earned by a firm in a monopolistically competitive market is equal to the profit earned by a firm in a perfectly competitive market in the long run. D) The profit earned by a firm in a monopolistically competitive market is equal to the profit earned by a monopolist in the long run.
If a person is risk averse, then as wealth increases, total utility of wealth
a. increases at an increasing rate. b. increases at a decreasing rate. c. decreases at an increasing rate. d. decreases at a decreasing rate.
The Herfindahl index is calculated by:
A. adding the percentage of industry output produced by the largest four firms. B. multiplying the squared value of the market shares of all the firms in the industry. C. adding the percentage of industry output produced by the largest eight firms. D. adding the squared value of the market shares of all the firms in the industry.
The marginal rate of technical substitution is the ratio of
A. labor to the price of labor. B. the marginal product of labor to the marginal product of capital. C. capital to labor. D. capital to the price of capital.