If Cruise the World advertises a 30 day low-price guarantee that will refund any of its customers the difference between the price they paid for a cruise and a lower price offered by Cruise the World for the same cruise, this is an example of ________.
A) a meet-the-competition clause
B) a most-favored-customer clause
C) price visibility
D) a meet-or-release clause
B) a most-favored-customer clause
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Regulation is necessary when transactions costs are low enough to allow bargaining between a polluter and a victim
Indicate whether the statement is true or false
Which of the following statements is true for the two countries illustrated in Figure 35.1?
A. Japan has an absolute advantage in motorcycles, the United States in DVD players. B. Japan has an absolute advantage in motorcycles. C. The United States has a comparative advantage in DVD players. D. The United States has a comparative advantage in motorcycles, Japan in DVD players.
another way to look at opportunity cost is the trade-off that occurs when one activity is undertaken rather than the _______ alternative activity.
Fill in the blank(s) with the appropriate word(s).
Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the graph below. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph. 
A likely reason for the difference in the slopes of the demand curves is that:
A. one market is in equilibrium and the other is not. B. the over-the-counter pain reliever has many substitutes, but the new drug does not. C. one drug is heavily regulated by the Food and Drug Administration and the other is not. D. one drug is new on the market, but the other has been available for a long time.