When buying a car from a commission salesman you improve your bargaining position by
a. shopping when the new model year cars have just arrived
b. shopping when the showroom is empty of customers
c. shopping when the car lot has few cars left unsold
d. shopping toward the beginning of the month
b
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Which model highlights the effects of market power obtained from product differentiation?
a. The contestable market model. b. The Cournot model of oligopoly. c. The Bertrand model of oligopoly. d. The monopolistic competition model.
Economics is often described as a science of constrained choice. How do you justify this argument?
What will be an ideal response?
Generally, if a nation produces more consumer goods than capital goods
A. more of all goods may be produced in the future. B. about the same amount of capital goods may be produced in the future as are being produced today. C. less of all goods may be produced in the future. D. society will have to forego future consumption of capital goods.
Factors of production such as labor and capital
A. are complementary. B. can be complements and also substitutes. C. are substitutable. D. can be neither complements nor substitutes.