The nature of contracts changed in the 19th century through judicial instrumentalism and had what effect?
(a) Facilitating free-market determinations of wages and prices.
(b) Allowing factory owners to contract with masses of employees for wages, hours and working conditions if the terms were made known and the laborers agreed to them.
(c) Advancing the rule of caveat emptor in markets because if a seller unknowingly sold defective goods, the buyer's opportunity to inspect the goods before purchase would ensure the seller's innocence of overt deception.
(d) All of the above were effects of the changes to the nature of contracts.
(d)
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An example of an investment is
A. the purchase of a Hewlett Packard laser printer for use by a business. B. the purchase of a share of Google stock. C. the purchase of an Exxon Mobil bond. D. all of the above.
An economist estimates the elasticity of demand for baseball tickets to be 0.23. Using this information, a club that wants to raise revenues should:
A. lower ticket prices. B. increase ticket prices. C. raise the prices of other goods sold at games. D. leave ticket prices unchanged, because it is maximizing revenue.
Which of the following will improve your bargaining position when contracting with a supplier
a. Your supplier merges with an another large supplier of the same product b. You redesign your product to be more feasibly accepting of many suppliers' parts c. You redesign your product so that your preferred supplier is more integral to product success d. Your supplier's chief competitor has exited the market
Competitive price-taker firms respond to changing market conditions by varying their
a. price b. output c. market share d. information e. advertising campaigns