Jim is haggling with a car dealer over the sale price of a used car. When he entered the store he was the only customer. This means that
a. Jim has a better chance of having his offer accepted, since the seller does not have any outside offers
b. Jim has lower chances of having his offer accepted, since the seller has more outside offers
c. The disagreement value for the seller has increased
d. Only A&C
a
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Point F
A. is where the United States' economy operates most of the time.
B. is unattainable.
C. represents a severe recession.
D. can be temporarily attained under unusual circumstances.
Why does competition lead to lower prices for consumers?
A. Companies do not lower prices for consumers. B. Companies bid down each other to get your business. C. Companies bid against each other to get workers at minimum wage. D. Companies can find cheaper resources.
Suppose the market for autoworkers is initially in equilibrium, but then the automakers purchase capital goods that are a substitute for workers. What happens in the market for autoworkers?
A) The equilibrium wage rate will increase and the equilibrium quantity of labor will decrease. B) The equilibrium wage rate and the equilibrium quantity of labor will both increase. C) The equilibrium wage rate and the equilibrium quantity of labor will both decrease. D) The equilibrium wage rate will decrease and the equilibrium quantity of labor will increase.
We say that a country completely specializes in production when it spends all of its resources producing:
A. those goods it has an absolute advantage in producing. B. what it can make more of than anyone else. C. a particular good. D. only what other countries need.