People accused of a crime frequently claim their innocence. Even if guilty they will sometimes agree to take a lie detector test to see if they can be exonerated. While they may know that these tests do not carry much weight in court there is another reason why they are willing to take the test. Give another valid reason from this chapter explaining why a guilty person would agree to the test.
What will be an ideal response?
The guilty party would surely appear guilty if they refused to take the test and investigators will step up their search for evidence so it is in their interest to take the test and hope they can fool the examiner. The principle of full disclosure applies.
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Use the figure above to answer this question. Consider a perfectly competitive firm in a short-run equilibrium. Figure ________ shows a firm in bad times because the firm makes a(n) ________
A) A; economic loss of $4 per unit if the firm decides to operate B) A; economic loss of $4 so it must close C) B; economic loss of $3 per unit D) B; economic profit because the price exceeds average variable cost E) C; normal profit and can stay open in the long run
For firms that sell one product in a perfectly competitive market, average revenue will:
A. increase if marginal revenue is greater than it. B. decrease if marginal revenue is greater than it. C. always be the same as marginal revenue. D. always be greater than average total cost.
Which of the following is a liability for a bank?
a. U.S. government securities owned by the bank b. Deposits with the Fed c. Checkable deposits d. Consumer and business loans e. Building and furniture owned by the bank
In a competitive marketplace, prices adjust until
A) MRS's are equal to zero. B) excess supply equals excess demand equals zero in all markets. C) each consumer has maximized utility subject to his budget constraint. D) all firms earn zero profit.