A buyer always wants to:
A. buy for a price that is as high as possible, but never higher than his willingness to pay.
B. buy for a price that is as low as possible, but never lower than his willingness to pay.
C. buy for a price that is as low as possible, but never higher than his willingness to pay.
D. buy for a price that is as high as possible, but never lower than his willingness to pay.
C. buy for a price that is as low as possible, but never higher than his willingness to pay.
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Which of the following would cause the demand for carpenters to increase?
a. a decrease in immigration b. an increase in the demand for housing c. an increase in the price of lumber d. a decrease in the productivity of carpenters
When the economy experiences inflation, people demand a:
A. lower quantity of money, shifting the money demand curve leftward. B. higher quantity of money, shifting the money demand curve leftward. C. lower quantity of money, shifting the money demand curve rightward. D. higher quantity of money, shifting the money demand curve rightward.
Another name for the contractionary phase of a business cycle is recession
a. True b. False Indicate whether the statement is true or false
To be able to engage in profit-maximizing price searching, a monopoly firm must be able to
A) prevent the entry of other firms into the market for its product. B) induce the entry of other firms into the market for its product. C) avoid earning negative economic profits in the short run. D) always earn zero economic profits.