Reference pricing
A. shifts market share to providers with lower prices.
B. causes some firms to cut prices.
C. appears to reduce costs.
D. All of the above
D. All of the above
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The number of persons who could become lawyers or surgeons is potentially quite large, yet these two groups earn fairly high incomes. One of the main reasons why they do is the
A. return on the investment of many years of training. B. evening-out of their low income during schooling. C. rent on their unique and rare talents. D. scarcity value of their abilities.
Financial crises are typically ________
A) characterized by sharp declines in asset prices B) associated with increases in business failures C) accompanied by sharp economic downturns D) all of the above E) none of the above
As cities prospered and per-capita incomes increased, the demand for bus travel diminished. This suggests that
a. cities could raise revenue by increasing bus fares b. the demand for bus travel is price elastic c. bus travel and automobile travel are complements d. bus travel is an inferior good e. bus travel is a luxury
Economists agree that at least in the short run disinflation
a. leads to a period of higher unemployment. They also agree that the costs of even moderate inflation is high. b. leads to a period of higher unemployment. They disagree about the cost of moderate inflation. c. leads to a period of lower unemployment. They also agree that the cost of even moderate inflation is high. d. leads to a period of lower unemployment. They disagree about the cost of moderate inflation.