Some Internet companies like Amazon reduce the transaction costs of many purchases by
A) providing misleading information about the quality of products.
B) providing information about products and firms that supply those products.
C) advertising sales at local discount stores.
D) paying its employees low wages.
B
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The price elasticity of demand for labor will depend upon all but the
A) price elasticity of demand for the final product. B) price elasticity of supply for the final product. C) time period being considered. D) availability of substitutes for inputs.
Economic profits in the rent-a-wreck industry are $400,000 per firm. Assuming that the industry is perfectly competitive,
A. new firms will enter and the supply of the car rentals will increase. B. new firms will enter but there will be no effect on the supply of car rentals. C. firms will leave the industry and supply will fall. D. the industry is in equilibrium.
The formula q/L represents
A. the average product of labor. B. total product. C. the marginal product of labor. D. the capital-to-labor ratio.
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Assume Mr. Lingle's budget is AC. At which point does Mr. Lingle spend exactly his income?
A. A. B. D. C. E. D. The answer cannot be determined with the given information.