Each property has unique features, whether it is its age, the building design of its structures, or its location. As such, real estate markets consist of assets that are considered:
A. homogeneous
B. heterogeneous
C. substitutes
D. complements
Answer: B. heterogeneous
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Ted went to the market to buy Good X. He was willing to pay up to $2.50 per unit of the good
However, he expected some units of the good to be defective. Therefore, when the seller asked for a price of $2.30 per unit, he refused to pay more than $2 for each unit. If the seller knows which units of the good are defective, what is most likely to happen in this case?
Almost all economists agree that rent control
a. has no effect on the rental income of landlords. b. allows the market for housing to work more efficiently. c. adversely affects the availability and quality of housing. d. is a very inexpensive way to help the most needy members of society.
Exhibit 2-11 Production possibilities curves
In Exhibit 2-11, which of the following could have caused the production possibilities curve to shift from the one labeled B to the one labeled A?
A. A major natural disaster. B. An increase in resources. C. An advance in technology. D. A decrease in unemployment.
Which form of intellectual property would protect an auto manufacturer that put a brand name on its new radio (that recognizes your voice and plays your favorite songs) and specifically wants to protect the brand?
A. Copymark B. Trademark C. Copyright D. Patent