For which of the following does a consumer have the most options if he or she waits a while after a price change?
a. salt
b. gasoline
c. medical care and hospitalization
d. china, glassware
d. china, glassware
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The invocation of beggar-thy-neighbor arguments with respect to industrial policies
A) strengthens the argument for subsidies. B) makes sense if the international Keynesian multipliers exceed unity. C) applies only to rich countries most of whose trade partners are very poor countries. D) weakens the argument for subsidies. E) does not apply to rich countries who can influence relative world prices.
When a firm charges each customer the maximum price that the customer is willing to pay, the firm
A) engages in a discrete pricing strategy. B) charges the average reservation price. C) engages in second-degree price discrimination. D) engages in first-degree price discrimination.
Firms that have downward-sloping demand curves:
a. earn positive economic profits even in the long run. b. produce homogeneous products. c. operate in a perfectly competitive market structure. d. enjoy monopoly or market power. e. are price takers.
The theory that there are no predictable trends in securities prices that can be used to "get rich quick" is the
A. inefficient market hypothesis. B. dartboard theory. C. Wall Street theory. D. random walk theory.