For which of the following goods is the marginal benefit of search likely to be greatest?
a. a pair of shoes
b. an automobile
c. a jar of honey
d. a loaf of bread
e. a pair of jeans
B
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Which of the following statements about the "separate but equal" provision of Plessy v. Ferguson is MOST accurate?
a. resulted in African-American schools that were comparable to white schools. b. resulted in African-American schools that were preferable to white schools in the South. c. did not seriously hamper the labor market experience of African-Americans. d. led to the creation of African-American schools that were systematically under funded.
The above diagram shows the short-run average total cost curves for five different plant sizes of a firm. In the long run the firm should produce output 0x with a plant of size:
A. #3. B. #2. C. #4. D. #1.
The price rationing mechanism of a freely functioning market leads to the most efficient use of resources because
A) all gains from mutually beneficial trade are captured. B) the Federal Trade Commission regulates the market. C) of the rise of the legislative apparatus that supports trade. D) the Justice Department monitors market activities.
If Sam's opportunity cost of a sweater is $37, which of the following prices would he have to observe in the market in order to sell a sweater?
A. $37 B. $37.01 C. $50 D. Sam would sell a sweater at any of these prices.