The act of buying a product at a low price in one market and reselling the product at a higher price in another market is called arbitrage
Indicate whether the statement is true or false
TRUE
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When we compare shares of income earned by U.S. households over the past 40 years, which of the following statements about the distribution of income is true?
A) The percentage of total income represented by each quintile has increased. B) The percentage of total income represented by each quintile has decreased. C) The largest gain in income percentage is in the top 5% of households. D) Lower-income households gained at the expense of higher-income households.
The conclusion arrived at from a kinked-demand oligopoly model is that:
a. oligopoly firms cannot maximize their profits. b. oligopoly firms should keep prices at their current level. c. all oligopoly firms should raise prices. d. all oligopoly firms should lower prices. e. oligopoly market structure will lead to lower prices than more competitive industries.
An effluent fee is an example of
A) a government policy to correct for an external benefit. B) a government policy to promote the production of a product with an external cost. C) a government policy to promote the production of a product with an external benefit. D) a government policy to correct for an external cost.
In Figure 45.4, it is clearly the case that 
Figure 45.4
A. the total amount paid to workers is greater under perfect competition than unionization. B. every individual worker is better off under unionization than perfect competition. C. every individual worker is better off under perfect competition than unionization. D. the total amount of labor employed is greater under perfect competition than unionization.