In terms of which party or parties capture any gains from a land transaction, what is the difference when land is acquired through eminent domain and when land is acquired through the bargaining process?
What will be an ideal response?
When land is acquired through the bargaining process, both the seller of the land and the purchaser of the land share in the gains that result from the transaction. With eminent domain, only the new owner of the land captures any gains.
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Affirmative action laws require employers to search for qualified minority applicants but not to necessarily give them jobs.
Answer the following statement true (T) or false (F)
The smaller the price elasticity of demand, the
a. more likely the product is a luxury. b. smaller the responsiveness of quantity demanded to a change in price. c. more substitutes the product has. d. greater the responsiveness of quantity demanded to a change in price.
When new entrants into a competitive market have higher costs than existing firms,
a. accounting profits will be the primary determinant of entry into the market. b. sunk costs become an important determinant of the short-run entry strategy. c. market price will rise. d. long-run supply is constant.
Refer to the accompanying figure. 
From the figure, we can infer that James' marginal rate of substitution is:
A. higher at point A than point B. B. the same at point A and point B. C. constant. D. higher at point B than point A.