Under perfect competition, a firm is a price taker because:
a. setting a price higher than the going price results in profits.
b. each firm's product is perceived as different.
c. each firm has a significant market share.
d. setting a price higher than the going price results in zero sales.
Question 2
A study of consumers in an area found that as family income increased from 25,000 per year to 35, 000 per year, other factors held constant, the number of houses purchased increased from 7,000 per year to 11,000 per year. This finding indicates an income elasticity of demand coefficient for housing over this family income range of:
a. 0.22.
b. 0.75.
c. 1.33.
d. 4.50.
Roots of the keystone species hypothesis: does a higher proportion of predators in diverse communiti
Rebound Tenderness, Apply Firm Pressure to the Abdomen
Sexual swellings are one way for females to advertise their mating availability, thereby inducing ma
Participant observation, participating and observing in a research setting, is usually supplemented ...
When parents actively support higher education, their children achieve more in their future careers.
Higher-Order Conditioning