If Lauren's substitution effects outweigh her income effects, her labor supply curve will
A. Appear vertical.
B. Bend backward.
C. Slope upward.
D. Appear horizontal.
Answer: C
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If a defendant believes there is a 60 percent chance that the plaintiff will win $400,000 and a 40 percent chance the plaintiff will lose and receive nothing (zero) and the defendant's litigation cost is $150,000, what is the defendant's expected loss from the litigation?
A) $120,000 B) $90,000 C) $390,000 D) $360,000
Which of the following is not a disadvantage of a proprietorship?
A) how profits are taxed B) ability to raise capital C) unlimited liability D) the disposition of the firm when the owner dies
The more essential the good, the more price inelastic will be the demand for a good
Indicate whether the statement is true or false
Imperfect information means which of the following?
a. one party to the transaction has more information than the other party b. buyers and sellers have all the information necessary to make an informed decision c. buyers and sellers do not have all the information necessary to make an informed decision d. buyers always have more information than sellers to make an informed decision