The wages of professional athletes
a. are related to demand for their services.
b. include substantial economic rents.
c. are high because of scarcity.
d. All of the above are true.
d
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The quantity supplied and price tend to vary
a. inversely. b. independently. c. in an unrelated fashion. d. directly.
For the settlement of futures contracts, the clearing corporation requires that a margin be placed with the corporation by
A) the short position only. B) the long position only. C) the short and the long in all contracts. D) the short and the long only in extraordinary circumstances.
Owners of a coffee shop finds that they can sell 150 donuts a day when the price of a donut is $1.20. When they price donuts at $1, they sell 170 donuts. The absolute value of the price elasticity of demand for donuts is
A) 0.69. B) 1.45. C) 1.00. D) infinity.
A shortage is eliminated when a. a binding price ceiling is removed
b. a binding price ceiling is enacted. c. a nonbinding price ceiling is repealed. d. a nonbinding price ceiling is imposed.