Real estate markets tend to be highly segmented due to the heterogeneous nature of the products. Which of the following examples depicts this issue of market segmentation?
A. A couple searching for a single-family detached unit is willing to consider other residential property types such as an attached townhouse unit or condominium.
B. A couple searching for a single-family detached unit has limited their search to homes in a single elementary school district
C. A couple searching for a single-family detached unit has set a timeline for their search of 6 months, at which point they will renew their current apartment lease.
D. A couple searching for a single-family detached unit has limited their search to be in a specific price range between $350,000 and $400,000.
Answer: D. A couple searching for a single-family detached unit has limited their search to be in a specific price range between $350,000 and $400,000.
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If price is regulated in a 2-firm oligopoly modeled along the Hotelling line, firms will compete by differentiating their products.
Answer the following statement true (T) or false (F)
A Business Wire report shows that sales at Target stores increased in 2012 compared to the previous year. (Source: Business Wire, August 30, 2012 ) Incomes grew slightly between 2011 and 2012
Using that fact and the sales data given above means that Target definitely is selling goods and services that A) are normal. B) are inferior. C) have an income elasticity of zero. D) have an income elasticity of 1.
The demand for labor is described as a derived demand because
A) it is derived from the demand for products that use labor in the production process. B) it is derived by workers seeking to earn income to fund the consumption of goods and services. C) it is derived from government institutions which rely on labor markets for the purpose of raising tax revenue. D) it is derived by producers seeking to make profits by starting new businesses.
The category of unemployment that is a byproduct of geographic and occupational mobility and generally considered to be a limited problem is: a. frictional unemployment. b. underemployment
c. cyclical unemployment. d. structural unemployment.