Prices for fresh fruit, vegetables and other food products are examples of:
A. custom prices.
B. auction prices.
C. sticky prices.
D. temporary prices.
Answer: B
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Union members earn about the same wage level as nonunion members in the same industry.
Answer the following statement true (T) or false (F)
With rent controls, which of the following is most likely to occur?
A) decreased search activity B) black market activity C) a building boom D) a housing surplus
If a typical firm in a perfectly competitive industry is earning profits, then
A) new firms will enter in the long run causing market supply to increase, market price to fall, and profits to decrease. B) all firms will continue to earn profits. C) the number of firms in the industry will remain constant in the long run. D) new firms will enter in the long run causing market supply to decrease, market price to rise, and profits to increase.
Refer to Figure 15-17. You are a member of a student government and are asked to recommend a price for the course and you argue: "I think the college should charge a price so that it just breaks even on the course". What price should you recomme
A) $0 B) $40 C) $88 D) $150