The following is an example of risk aversion
a. those applying for a well-paid job tend to be unqualified
b. more reckless drivers opt for cars with fewer safety devices
c. the contractor with the lowest bid for a is the most qualified
d. Initial Public Offerings (IPOs) seek investors when prospects look good
a
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Which of the following statements is true regarding the difference between a monopolist and a perfectly competitive firm?
a. Competitive price is higher than the price charged by a monopolist. b. Supply of output is higher in case of a monopoly than if the market is competitive. c. A monopoly can choose its price while a competitive firm is a price taker. d. A market characterized by competition has a higher deadweight loss.
A limit on the dollar worth of oranges imported into the United States is an example of a quantity quota
a. True b. False Indicate whether the statement is true or false