The process of buying a good in one market at a low price and selling the good in another market for a higher price in order to profit from the price difference is known as
a. sabotage.
b. conspiracy.
c. arbitrage.
d. collusion.
c
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Children who dislike Brussels sprouts exemplify the notion that the marginal utility of Brussels sprouts is
A. zero. B. less than the total utility. C. negative. D. positive but decreasing.
There is 5 percent average tax on imported goods in the United States. This tax is known as a(n) ________.
A. tariff B. quota C. income tax D. sales tax
A good that people must actually consume before they can determine qualities is called
A) a credence good. B) a search good. C) an experience good. D) a persuasive good.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.