Which of the following is illegal according to the antitrust laws?
A) the use of coupons
B) price discrimination based on cost differences
C) vertical mergers
D) price fixing
D
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The opportunity cost of attending a university for a year is measured by: a. the tuition fees incurred
b. the size of the student loans the student becomes responsible for. c. the sum of all expenditures on rent, food, books, and tuition incurred during the school year. d. the value of the best opportunity or opportunities foregone in order to enroll for the year.
One explanation for the increase in the natural rate of unemployment in 2010 was a mismatch between the skills of the American labor force and the skills that the modern job market demanded.
Answer the following statement true (T) or false (F)
In markets with imperfect information:
A. buyers and sellers will use resources to acquire information before making decisions. B. buyers will use resources to acquire information before making a decision, but sellers do not need to acquire additional information before making a decision. C. sellers will use resources to acquire information before making a decision, but buyers do not need to acquire additional information before making a decision. D. neither buyers nor sellers will be able to acquire information in order to make decisions.
Refer to Figure 7.1. If Angus chooses to earn the most money and Dudley calls the police, Dudley will receive a daily payoff of
A) $350. B) $550. C) $700. D) none of the above