The profit-maximizing level of output for a monopolist is the one at which marginal revenue equals marginal cost.
Answer the following statement true (T) or false (F)
True
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Rivalry among firms would tend to be high if
a. Firms are located further from each other b. Firms are located close to one another c. There is only one firm in the market d. None of the above
In addition to prediction, one purpose of regression analysis is:
a. to measure the overall "fit" of the model to the sample observations b. to test whether the slope parameter ? is equal to some particular value c. to test whether the slope parameter ? is equal to zero d. b and c e. none of the above
A university offers a free shuttle service around campus. The opportunity cost of the shuttle service to the university is equal to: a. zero, since it is free to students who want to ride
b. the wages paid to the shuttle drivers. c. the wages paid to the shuttle drivers, plus the gasoline expenses. d. the highest valued alternative use of the resources devoted to the shuttle program.
According to the rational choice model which of these two events should be valued more by rational consumers: 1: gift of mug valued at $10, 2: finding the mug you thought was lost, which cost you $10 to purchase.
A. Event A B. Both events should have the same value. C. Event B D. There is really no way to rationally decide.