When buying a used car from a dealer, showing up in cheap clothing and ungroomed is an example of:
A. screening.
B. signaling.
C. statistical discrimination.
D. building a reputation.
B. signaling.
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In a graph of a typical firm's AFC, ATC, and AVC curves, the
A) AVC curve lies above the ATC curve. B) ATC curve lies below the AFC curve. C) distance between the ATC curve and the AVC curve equals the AFC. D) distance between the AVC curve and the AFC curve equals the ATC. E) AVC curve crosses the MC curve at the point where the MC is at its minimum.
The more firms there are in an oligopoly in which the strategic firm variable is quantity, the more price converges to marginal cost.
Answer the following statement true (T) or false (F)
The Fed prefers to focus on inflation based on which price index?
A) personal consumption expenditures price index B) consumer price index C) GDP deflator D) producer price index
By the 20th century, the largest sector of the U.S. economy in terms of commodity output value was
a. agriculture. b. manufacturing. c. mining. d. construction.