When people retroactively believe that they had accurately foreseen past events, they are illustrating the:
A. Confirmation bias
B. Framing effect
C. Hindsight bias
D. Self-serving bias
C. Hindsight bias
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Which of the following would most likely increase the supply of college textbooks?
a. five major publishers go out of business b. paper costs double c. the wage rate of printers increases d. producers expect the price to rise in the future e. technology of book production improves
Money values indexed to a given period are known as
A. nominal. B. real. C. inverse. D. random.
A firm's profit equals:
A. (P ? ATC) ÷ Q [(price minus average total cost) divided by the quantity sold]. B. (P ? ATC) × Q [(price minus average total cost) times the quantity sold]. C. P ? MC [price minus marginal cost]. D. P × Q [price times the quantity sold].
The shutdown rule for a firm in a perfectly competitive industry is that the firm should cease production if
A. P < AFC. B. P < ATC. C. P < AVC. D. P < MC.