When price falls, quantity demanded increases. This illustrates the
a. law of supply
b. law of quantity supply
c. law of demand
d. law of quantity demanded
e. linkage between demand and supply
C
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A cruiser bike is being auctioned in a first-price sealed-bid auction. You always wanted to own a cruiser bike, and therefore decide to participate in the auction. You value the bike at $4,000
On the day of the auction, you see that there are 70 other bidders. Your optimal bid in this case is ________. A) $3,500 B) $3,000 C) $4,000 D) $3,944
Which of the following is TRUE for the perfectly competitive firm?
A) Price and MR are always equal. B) AR is less than price. C) AR is more than price. D) Price elasticity of demand is equal to 1.
A situation in which union membership is required before a person can be hired is a
A) closed shop. B) union shop. C) agency shop. D) restricted shop.
The primary credit rate refers to the rate at which
A. banks lend to their best customers. B. banks lend to one another to meet reserve requirements. C. the Federal Reserve charges banks (with excellent credit) for loans. D. none of these options are correct.