Which of the following is an example of a market?
a. a gas station
b. a garage sale
c. a barber shop
d. All of the above are examples of markets.
d
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The elasticity measure that has been employed by the courts to assess the degree of market competition is
A. price elasticity of demand. B. income elasticity of demand. C. cross elasticity of demand. D. inverse elasticity of demand.
Fair outcomes are the result of fair rules defines _____
a. a procedural theory of justice b. a constitutional theory of justice c. justice d. a consensus theory of justice
Assume that due to unfavorable conditions in a prime honey-producing area, the price of honey increases by 50 percent. The quantity consumed of herbal tea declines immediately by 25 percent. Everything else held constant, the:
a. cross-price elasticity of demand for herbal tea and honey is negative, and therefore the two goods are substitutes. b. cross-price elasticity of demand for herbal tea and honey is negative, and therefore the two goods are complements. c. cross-price elasticity of demand for herbal tea and honey is positive, and therefore the two goods are substitutes. d. cross-price elasticity of demand for herbal tea and honey is positive, and therefore the two goods are complements. e. cross-price elasticity of demand cannot be determined from the information provided.
To avoid wage compression,
A) employees probably need to change companies. B) employees need to speak to their supervisors. C) employees need to sign a deferred compensation contract. D) managers need to pay above the minimum wage.