A money back guarantee will be provided by the owners of ___, but not by the owners of ____
Fill in the blank(s) with the appropriate word(s)
Answer: plums; lemons
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The GDP gap is the difference between:
a. full-employment real GDP and real GDP chain price index. b. unemployment rate and real GDP chain price index. c. actual real GDP and full-employment real GDP. d. frictional unemployment and actual real GDP.
When firms negotiate price and market share among themselves in a way that is designed to limit competition, this practice is called
a. horizontal cartelization b. conspiracy to merge c. anticapitalism d. collusion e. illicit conglomeration
If a union is successful in increasing wages, it may find that:
A. the demand for workers falls. B. the demand for workers increases. C. the price of union-made goods falls. D. the demand for union-made goods rises.
Suppose the price of tomato sauce falls. In the market for pizza, in which tomato sauce of a popular ingredient, one would expect that
A. the supply of pizza would increase, and the price would fall. B. the demand for pizza would decrease, and price would fall. C. the demand for pizza would increase, and the price would increase. D. the supply of pizza would decrease, and price would rise.