Refer to the graph shown. A movement from A to B is most likely to be caused by:
A. an increase in aggregate demand.
B. a decrease in aggregate demand.
C. an increase in input prices.
D. a decrease in input prices.
Answer: C
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Why do short-run profits in a perfectly competitive industry tend to disappear over time?
Differences in human capital are likely to
a. be unrelated to wage rate differences across gender classifications, since both men and women are required to complete requirements for a high school diploma. b. be most helpful in explaining age discrimination, but unhelpful in explaining race discrimination. c. explain some of the differences in average wage rates across age classifications. d. explain all of the differences in average wage rates across gender classifications.
From the "economic perspective," people make purposeful decisions based on hypotheses.
Answer the following statement true (T) or false (F)
General Electric and Westinghouse were convicted of
A. Price-fixing. B. Price leadership. C. Marginal cost pricing. D. Allocation of market shares.