Which of the following exemplifies how big-box retailer, such as Walmart or Target, benefits from economies of scale?
a. Each location performs its own negotiations for the purchase of wholesale stock.
b. Staff at big-box stores are better positioned to get to know regular customers and connect with them.
c. Large-scale ordering allows the purchase of stock at lower costs than smaller firms.
d. The web ordering system has become popular with customers who prefer shopping online.
c. Large-scale ordering allows the purchase of stock at lower costs than smaller firms.
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Based on price setting behavior, we know that a reduction in the unemployment rate will cause
A) no change in the real wage. B) a reduction in the real wage. C) an increase in the real wage. D) an upward shift of the PS curve.
The phrase "there's no such thing as a free lunch" is a common way of expressing the concept of efficient markets.
Answer the following statement true (T) or false (F)
Those with more inelastic demands will bear a larger burden of a tax because they:
A. will switch to other products with a tax. B. have more buying power. C. have more income. D. have fewer substitutes for that good.
The reasons why per capita GDP in the U.S. is significantly higher than in some other rich countries like, say, France include the following, except:
A. U.S. citizens put in substantially more work hours than do citizens of France B. Cultural differences between the U.S. and France regarding the right balance between labor and leisure C. Differences in the tax structure and the resulting incentive effects of taxes D. Differences is the communication technology due to language differences