Assume that a doctor makes $200 per hour, a lawyer $250 per hour, an architect $140 per hour, a professor $50 per hour, and a waiter $35 per hour. Which of these professionals is most likely to spend time to negotiate with a car dealer?
a. The doctor
b. The lawyer
c. The architect
d. The professor
e. The waiter
e
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Place point Z on the graph to indicate where the United States economy will most likely operate five years from now if we enjoyed an economic growth rate of 5 percent a year.
If a firm's labor input response to a decrease in the wage differs between the short and the long run, we know that more workers will be hired after the initial short run adjustment.
Answer the following statement true (T) or false (F)
Some Internet companies like Amazon reduce the transaction costs of many purchases by
A) providing misleading information about the quality of products. B) providing information about products and firms that supply those products. C) advertising sales at local discount stores. D) paying its employees low wages.
If, at the current price, there is a surplus of a good, then
a. sellers are producing more than buyers wish to buy. b. the market must be in equilibrium. c. the price is below the equilibrium price. d. quantity demanded equals quantity supplied.