A seller's willingness to sell:
A. is the maximum price that a seller is willing to accept in exchange for a good or service.
B. is the minimum price that a seller is willing to accept in exchange for a good or service.
C. is his or her reserved minimum bid-price.
D. must always equal the buyer's willingness to buy.
B. is the minimum price that a seller is willing to accept in exchange for a good or service.
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Which of the following suggests that the “laws” of supply and demand are being disobeyed?
A. Outside forces disturbing an equilibrium B. Persistent shortages or surpluses C. The market never moving from an equilibrium D. “Other things” not always being equal
How did changes in world interest rates contribute to the explosion of debt in the 1970s? What happened in the early 1980s to reverse this?
What will be an ideal response?
Private information-collection firms fail to eliminate the adverse selection problem because
A) the law does not allow them to disclose private information about the creditworthiness of firms. B) they do not monitor borrowers after loans have been made. C) some investors who do not pay for their services will still profit from them. D) most companies refuse to provide them with any information.
Brinley Thomas (1954) argues that immigrants were attracted to the United States between 1815 and 1914 for all of the following reasons except
(a) Harvest failures in the home countries of the immigrants (b) Organized labor opportunities, health benefits, safe working conditions and healthy work environments in the U.S. (c) European population increases, contributing to problems associated with more mouths to feed in a stagnant European economy (d) Increasing job opportunities in an expanding U.S. economy