Lauren noticed that in the last 60 games, her hometown minor league baseball team won 40 times. Lauren estimate the probability of losing the game to be
A) 1/6.
B) 1/4.
C) 1/3.
D) 1/2.
C
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For a perfectly competitive firm, profit maximization occurs when
A) marginal revenue equals average total cost. B) marginal revenue equals marginal cost. C) marginal cost is equal to average total cost. D) average total cost is at its minimum.
A simplified representation of a complicated situation is:
A. cutting corners. B. a model. C. useless without adding fine details. D. econometrics.
The thing or things that a company does better than its competitors is called its
A) comparative advantage B) absolute advantage C) core competency D) positive externality
Suppose that David buys the same number of energy drinks every weekend no matter what happens to the price of the energy drinks. What does this suggest about David's demand for energy drinks?
A. It is elastic. B. It is perfectly inelastic. C. It is unit elastic. D. It is not something that can be characterized without knowing the prices of the energy drinks.