What is meant by bargaining power? What are the two factors that determine an individual's bargaining power?
What will be an ideal response?
Bargaining power describes the relative power an individual has in negotiations with another individual. The cost of failing to come to an agreement and the influence of one person on the other are key determinants of bargaining power.
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Carefully define the following terms and explain their importance to the study of economics. a. Resources b. Rational decision c. Scarcity d. Opportunity cost
What will be an ideal response?
Which is an example of "short selling"?
A) The public high school that offers a before-school breakfast program for twenty dollars a month, paid the first of each month B) The public high school theater group that sells out their rendition of Grease three days before opening night C) The for-profit high school ring company that requires payment in full from graduating seniors before producing the rings of their choice D) All of the above.
The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the Ricardian model is equal to ________ and it ________ as more cloth is produced
A) -MPLF/MPLC; is constant B) -MPLF/MPLC; becomes steeper C) -MPLF/MPLC; becomes flatter D) -MPLC/MPLF; becomes steeper E) -MPLC/MPLF; is constant
The propensity ?0 + ?1+ … + ?k is sometimes called the:?
A. ?short-run elasticity, which measures the percentage increase in a dependent variable after k quarters given a permanent 1% increase in the k independent variables. B. ?long-run elasticity, which measures the percentage increase in a dependent variable after k quarters given a permanent 1% increase in the k independent variables. C. ?short-run elasticity, which measures the percentage decrease in a dependent variable after k quarters given a permanent 1% decrease in the k independent variables. D. ??long-run elasticity, which measures the percentage decrease in a dependent variable after k quarters given a permanent 1% decrease in the k independent variables.