In a simple circular-flow diagram, firms use the money they get from a sale to
a. pay wages to workers.
b. pay rent to landlords.
c. pay profit to the firms' owners.
d. All of the above are correct.
d
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The winner's curse is more likely
a. when there is only one bidder b. when demand for the good being auctioned is increasing c. when the value of the good being auctioned is common knowledge d. when the value of the good being auctioned is uncertain e. when the marginal cost of information is low
If two variables are inversely related, then they change in the same direction
a. True b. False Indicate whether the statement is true or false
Andrea invests $20,000 in tuition fees for her three years of college education. Had she worked those three years, she could have earned a total of $8,000 . Identify the correct statement from the following
a. The opportunity cost of her college education is $20,000. b. The investment cost of college consists of $20,000. c. The investment cost of her college degree is $28,000. d. The opportunity cost of her college education is $28,000.
Markets in which a handful of top performers command the lion's share of total rewards has been called ____________________ markets by authors Robert Frank and Phillip Cook.
Fill in the blank(s) with the appropriate word(s).