Which of the following is the best example of a vertically integrated firm?
a. General Electric, which produces light bulbs, jet engines, washing machines, and so on
b. Kinko's, which has a photocopy store near many colleges and universities
c. USX Corporation, which owns ore and coal mines, coke ovens, blast furnaces, mills, and foundries
d. Intel, which makes computer chips for most of the computer manufacturers
e. Century 21, which has real estate offices that help people sell a house in one city and buy another house in another city
C
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Which of the following increases in labor demand is due to a change in the product demand?
A. A decrease in the price of trucks decreases the cost of transporting goods, thus increasing the demand for truckers. B. Tourism increases in popularity, increasing the demand for workers at tourist resorts. C. A change in work rules increases output per worker in the auto industry, thus increasing the demand for auto workers. D. Access to computers increases the productivity of mail order businesses, thus increasing the demand for their workers.
According to the text, "congestion" is another word for
A) confusion. B) cost. C) inconsiderate behavior. D) shortage.
Many car owners and car dealers describe their different cars for sale in the local newspapers and list their asking price. Many people shopping for a used car consider the different choices listed in the paper
The market for used cars could be described as A) relatively competitive. B) perfectly competitive. C) non-competitive. D) having high transaction costs.
Explain the capture hypothesis
What will be an ideal response?