The motivations of buyers & sellers & their negotiation abilities have __________ in the price formation process
Fill in the blank(s) with the appropriate word(s).
Ans: no role
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When unions exist in markets
A) firms must have market power in their output markets. B) there no longer is a perfectly competitive labor supply. C) individual workers no longer make labor-leisure trade-off decisions. D) employers have market power in labor markets.
Consider a version of the ultimatum game in which player A makes an integer offer {1,2 …,9} to player B. If B accepts, he or she gets that amount of money and A gets to keep the remainder of $10 . If B rejects, both get nothing. Which of the following is an offer that arises in a subgame-perfect equilibrium assuming players only care about monetary payoffs?
a. 1. b. 2. c. 4. d. 5.
Resources are efficiently allocated when production occurs at that output level where price:
A. is greater than marginal revenue. B. equals marginal revenue. C. is equal to average variable cost. D. equals marginal cost.
An increase in the equilibrium quantity of good B can be caused by
A) an increase the price of inputs utilized in producing good B. B) an increase in the price of good B. C) a technological improvement in the process of producing good B. D) a reduction in the number of producers of good B.