An automobile manufacturer voluntarily recalls certain models to fix a defective part at no cost to the owners. This action has the effect of
A) the lemon problem.
B) a manufacturer's warranty.
C) a market failure.
D) none of the above
B
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From an ethical standpoint, the plantation owners of the South typically saw the system of slavery as
(a) basically superior to the wage-labor system of the North. (b) basically inferior to the wage-labor system and only likely to exist temporarily. (c) basically equal to the wage-labor system but more profitable. (d) not needing a moral justification because slavery had been accepted without question throughout most of human history.
Suppose the adoption of a new software reduces the marginal cost of publishing books. For a given demand curve for books, this will be represented by:
a. an upward movement along the supply curve of books. b. a downward movement along the supply curve of books. c. an upward shift in the supply curve of books. d. a downward shift in the supply curve of books.
In the above figure, if the price is equal to $40, there is
A. a shortage of 100 units. B. an excess quantity supplied of 100 units. C. an excess quantity demanded of 50 units. D. a surplus of 50 units.
It is generally ________ to fire a bad public school teacher ________.
A. easy; who has little interest in teaching any longer B. difficult; who has tenure C. easy; who has tenure D. impossible; who has committed a felony