During the peak phase of a business cycle, a business could be expected to have
A. high prices.
B. reduced sales.
C. low profits.
D. staff reductions.
A. high prices.
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When a monopsony hires an additional worker, it must pay the new worker's wages and it bids up the wages of all workers. This fact implies that the monopsony's
a. marginal labor cost is greater than the wage rate. b. demand curve for labor is perfectly elastic at the going market wage. c. marginal revenue product of labor is equal to the wage rate. d. labor usage is greater than that of a firm that is competitive in the labor market.
Both successful market-processes ?and central planning rely on self-interested behavior.
Answer the following statement true (T) or false (F)
Which of the following pairs of goods are likely to be considered substitutes?
A) Coffee and sugar B) Printers and printing ink C) A Ford car and public transportation D) A Nokia cell phone and a Nokia cell phone charger
A ________ person is indifferent to a bet that has zero expected value
A) risk-neutral B) risk-loving C) risk-averse D) rent-seeking