Explain why high priced lawyers may support an industry ban on price advertising for lawyers
What will be an ideal response?
An advertising ban that prohibits lawyers from advertising prices allows lawyers to charge higher prices. The search cost of finding a less expensive lawyer is much higher if no price advertising occurs.
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Assume there is an improvement in the technology used to produce Blu-ray disc players. What could be expected to happen to the equilibrium price and quantity in the market for Blu-ray disc players?
A) Equilibrium price would increase and equilibrium quantity would decrease. B) Equilibrium price and quantity would both decrease. C) Equilibrium price would decrease and equilibrium quantity would increase. D) Equilibrium price and quantity would both increase.
Which of the following is not an example of a country's infrastructure?
a. Transportation system. b. Communications system. c. Political system. d. Educational system. e. Energy system.
Currencies that are not backed by precious metals of equal value are called:
a. Near money. b. Repurchase agreements. c. Eurodollars. d. Fiat money. e. Legal tender.
For much of the history of aid, ________ has been a driving force in decisions about how much to give in foreign aid.
A. the interest rate in the home country B. political strategy C. the finance gap of receiving countries D. the opportunity cost of investing in developing nations