A middleman is a person who
a. specializes in arranging trades and selling, guaranteeing, and servicing items traded.
b. acts as a middle person between the top management of a business firm and the hourly employees who actually produce the goods and services.
c. adds to the seller's expense and the buyer's buying price without providing a service to either.
d. levies a tax on private sector activity and uses the funds to support government activities.
A
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In monopolistic competition, a firm must determine what price to set for its good because
A) the demand for its good is not perfectly elastic. B) the demand for its good is perfectly elastic. C) there are many buyers. D) there are many sellers.
The expression, "There's no such thing as a free lunch," implies that
a. everyone has to pay for his own lunch. b. the person consuming a good must always pay for it. c. opportunity costs are incurred when resources are used to produce goods and services. d. no one has time for a good lunch anymore.
All of the following are advantages of partnership EXCEPT? _____.
A. high liquidity results in longevity B. by forming a? partnership, there are increased chances of longevity of business C. forming a partnership is almost as simple as establishing a sole proprietorship D. by forming a? partnership, there is an opportunity to share costs E. income tax is straightforward for partnerships
The quantity of good Y is measured along the vertical axis, and the quantity of good X is measured along the horizontal axis. If the prices of both good Y and good X rise, the budget line
A) shifts outward to the right and the vertical and horizontal intercepts will both rise. B) shifts inward to the left and both intercepts will decline. C) rotates, rising along the vertical axis but falling along the horizontal axis. D) none of the above.