In a situation where a car salesman is selling cars on behalf of the dealer, the dealer is the
a. Principal
b. Agent
c. Both of the above
d. None of the above
a
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At long-run equilibrium in monopolistic competition, there is
A. neither allocative nor productive efficiency. B. both allocative and productive efficiency. C. allocative efficiency. D. productive efficiency.
If consumers value the product-specific services for a new smartphone at $25, if retailers offer the product-specific services for the smartphone, the market ________ will ________.
A) demand; not shift B) demand; shift to the left C) supply; shift to the right D) demand; shift to the right
John is maximizing utility by choosing to spend 90 minutes reading a chapter in The Theory of Moral Sentiments, which will give him 450 units of utility, instead of spending 20 minutes reading a chapter of Atlas Shrugged, which will give him 200 units of utility. (Assume marginal utility decreases slowly.)
Answer the following statement true (T) or false (F)
Briefly explain one function of financial instruments that can make them very different from money.
What will be an ideal response?