The invariance principle breaks down when: a. Those in the market have significant monopoly power. b. Property rights belong to the government. c. Property rights belong to citizens (the people). d. There are significant transactions costs.
22. The invariance principle breaks down when:
a. Those in the market have significant
b. Property rights belong to the government.
c. Property rights belong to citizens (the people).
d. There are significant transactions costs.
23. An actual-to-ideal ratio of standard deviations of winning percentages of 5 in a league means:
a. The standard deviation of winning percentages is 1/5 (20%) more than it would be in a world with absolutely balanced teams.
b. The standard deviation of winning percentages is 5 times more than it would be in a world with absolutely balanced teams.
c. The standard deviation of winning percentages in this league represents
d. There is not enough information to determine.
25. The marginal benefit of winning:
a. Is greatest for teams in small markets.
b. Is greatest for teams in medium-sized markets.
c. Is greatest for teams in large markets.
d. Does not vary based on market size.
26. True or false: Perennial losers are the only group within “the baseball fraternity” who you would expect to support competitive balance.
a. True.
b. False.
27. What does “The Moneyball Hypothesis” imply about the traditional ways scouting has been done in major league baseball and the
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