Arbitrage
A) is the act of buying an item at a low price and reselling the item at a higher price.
B) is the act of selling an item on consignment and collecting a huge portion of the proceeds to compensate for the seller's time.
C) is any act of buying and selling that results in the seller earning an above normal profit.
D) is the act of buying an item at a low price, bundling it with another and selling the new package at a much higher price.
A
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Other things being equal, the effects of an increase in the price of orange juice would best be represented by a(n):
a. upward movement along the demand curve for orange juice. b. leftward shift in the demand curve for orange juice. c. downward movement along the demand curve for orange juice. d. rightward shift in the demand curve for orange juice.
A rule of thumb in the employment of resources is to set
A) marginal revenue product (MRP) equal to marginal factor cost (MFC). B) marginal revenue (MR) equal to marginal cost (MC). C) marginal physical product equal to marginal resource cost. D) none of the above.
The central bank of the United States is known as the
A. Federal Deposit Insurance Corporation. B. Department of the Treasury. C. Federal Reserve System. D. Federal Savings and Loan Insurance Corporation.
If there is a shortage of gasoline, then
A) the purchase plans of buyers are not being fully achieved. B) buyers will tend to compete amongst themselves for more gasoline. C) the price of gasoline will tend to rise. D) all the above are true. E) none of the above is true.