The price-leadership model is best applied when there are no dominant firms in a market.
Answer the following statement true (T) or false (F)
False
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If the price of a pumpkin rises and consumers' total expenditure on pumpkins increases, then the demand for pumpkins is inelastic
Indicate whether the statement is true or false
An increase in European wealth, all other factors held constant should:
A. cause the demand for dollars to increase. B. have no impact at all on the demand for dollars. C. cause the supply of dollars to increase while the demand stays constant. D. cause the demand for dollars to decrease.
Rachel babysits for her sister for no pay. When she babysits for someone else she charges $8 an hour. When is Rachel's babysitting included in GDP?
a. When she babysits for her sister and when she babysits for someone else. b. When she babysits for her sister, but not when she babysits for someone else. c. When she babysits for someone else, but not when she babysits for her sister. d. Neither when she babysits for her sister nor for someone else.
An example of statistical discrimination would be:
A. charging young drivers a higher premium than older drivers. B. charging homes near a lake higher premiums for flood insurance than those on a hill. C. assuming the food will be better at an Italian restaurant than a Chinese one in the Little Italy neighborhood of NYC. D. All of these are examples of statistical discrimination.