When the market for a good is in the equilibrium
What will be an ideal response?
All units valued more highly than the opportunity cost of production will be supplied
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If you wish to work as an IS professional in the transportation industry, it does not matter if you cannot communicate with fleet managers using their business terms.
Answer the following statement(s) true (T) or false (F)
Once the FOMC announces the result of its meeting the attendees:
A. never discuss the policy issues addressed in the meetings. B. observe a blackout period that lasts for a week following the meeting during which they do not speak publicly about the economic outlook or current monetary policy. C. observe a twenty-four hour blackout period following the meeting during which they do not speak publicly about the economic outlook or current monetary policy. D. it must brief the financial news immediately after and answer questions posed to them.
The demand schedule is a description of the behavior of ________ in a market.
A. sellers B. goods or services C. buyers D. labor
A jury ordered McDonald's to pay $2.7 million to Stella Liebeck, a drive-through customer who burned herself with hot coffee after placing the cup between her legs to remove the top and add cream. She claimed that the coffee was too hot. This tells us that our legal system can:
A. lower costs by creating incentives to litigate frivolous suits. B. promote efficiency by lowering transaction costs. C. promote efficiency by making property rights secure. D. raise costs by creating incentives to litigate frivolous suits.