An auction house is an example of a financial intermediary
a. True
b. False
Indicate whether the statement is true or false
False
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Buying at a low price in one market and reselling at a higher price in another market will
A) not generate any profit because of transactions costs. B) not generate any profit because of transportation costs. C) eventually eliminate all of the price differences. D) eventually eliminate most, but not necessarily all, of the price differences.
The rapid adoption of Basic Oxygen Furnaces by "Big Steel" (the top six firms) kept the American basic steel industry from falling behind changes in world technology during the 1960s
Indicate whether the statement is true or false
Tova is trying to get a bakery to hire her. She said that if she helped out, the shop could sell an additional 5 cakes per day. If each cake sells for $10 and the owner hires her, then
a. the wage rate must be at least $51 per day. b. Tova's marginal revenue product must be less than the wage rate. c. Tova's marginal revenue product must be positive. d. the wage rate must be at most $50 per day. e. the wage rate must be equal to $40 per day.
If a price ceiling is imposed,
a. the market supply curve shifts to the right b. the market demand curve shifts to the left c. an excess demand for the good results d. the government would be required to buy the excess supply of the good e. the equilibrium price falls below the price level the government wishes to achieve