What's the opportunity cost of taking an unfair advantage in a deal?
A. Probably nothing, if the transaction is only taking place once.
B. Building a reputation for being untrustworthy if the deal is likely to be repeated.
C. Future deals may not occur or may come at a much higher cost.
D. All of these statements are true.
D. All of these statements are true.
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Which of the following statements is FALSE?
A) Transactions in which households buy final goods and services occur in the factor market. B) Saving is the difference between consumer income and expenditures. C) The value of total output is identical to total income. D) One definition of total income is that it is the annual cost of producing the entire output of final goods and services.
A trademark is
A) a legal instrument which grants a firm the right to differentiate its product. B) a legal right to position a firm's product in high-traffic public areas such as airports and post offices. C) a distinguishing attribute such as a sign or logo that allows a firm to uniquely identify its product. D) a patent on a firm's product.
Overfishing in the ocean often
a. is easily solved by shortening the fishing season. b. is not caused by better technologies, which today's fishers would not use if they harmed the resource. c. occurs only when regulators fail to regulate due to corruption. d. is caused by many boats racing to catch more fish in a very short season.
Which of the following statements is correct?
A. The demand curve for a purely competitive firm is perfectly elastic, but the demand curve for a purely competitive industry is downsloping. B. The demand curve for a purely competitive firm is downsloping, but the demand curve for a purely competitive industry is perfectly elastic. C. The demand curves are downsloping for both a purely competitive firm and a purely competitive industry. D. The demand curves are perfectly elastic for both a purely competitive firm and a purely competitive industry.