Suppose you hear Professor I.M. Dismal say, "There is no substitute for carefully reading your textbook!" In the real world, students
A) will always and absolutely obey their professor's orders.
B) will purchase the textbook regardless of its price.
C) will often find what they believe are useful substitutes for reading the text.
D) will have a vertical demand curve for textbooks.
C
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Wage differentials exist in the long run because
a. labor markets are perfectly competitive b. all jobs are equally attractive to all workers c. the prices of goods vary by market d. there are too many workers in the labor force e. not all workers are equally qualified to perform every job
"Assume that all individuals have perfect information about prices now and in the future, that they have identical tastes, that all markets are competitive, and that there is no government." This statement is indicative of how economists
a. apply the law of supply and demand. b. employ marginal analysis. c. are prevented from getting correct answers. d. abstract for analytic purposes. e. use realistic assumptions to develop theory.
Suppose that real GDP grew more in Country A than in Country B last year
a. Country A must have a higher standard of living than country B. b. Country A's productivity must have grown faster than country B's. c. Both of the above are correct. d. None of the above are correct.
Evaluate computer database dating services in terms of efficiency. Why have many people avoided these services despite their vast amounts of information? Why might these services become more popular in the future?
What will be an ideal response?