Suppose that John has many of the same characteristics as the stereotypical mathematician. According to the representative heuristic, this will tend to make people think that:
A. many people are bad at math.
B. John is good at math.
C. John is bad at math.
D. many people are good at math.
Answer: B
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Between the base period and the next period, prices stay constant. The GDP price index in the next period
A) cannot be calculated without knowing how much the quantity changed. B) is equal to 1 because there is no change. C) is equal to 50 because there is no change. D) will equal 0 because there is no change. E) is equal to 100 because there is no change.
Refer to Figure 13-18. Which of the following statements is true?
A) Da represents the long-run demand curve facing a monopolistic competitor in a constant-cost industry while Db depicts the long-run demand curve in an increasing-cost industry. B) Da represents the long-run supply curve in a perfectly competitive, constant-cost industry while Db depicts the long-run demand curve facing a monopolistic competitor in a decreasing-cost industry. C) Da represents the long-run demand curve facing a perfect competitor while Db depicts the long-run demand curve facing a monopolistic competitor. D) Da represents the long-run demand curve facing a monopolistic competitor in a constant-cost industry while Db depicts the demand curve in the short run.
An accountant shows an invoice for a resource to the manager of the firm. They are discussing
A) explicit costs. B) implicit costs. C) economic profits. D) either explicit costs or implicit costs, but we can't tell without more information.
For a monopolist, at the profit-maximizing level of output:
A. price is greater than marginal revenue. B. marginal revenue is greater than average revenue. C. average revenue is greater than price. D. price is equal to marginal revenue.