The more time a buyer has to purchase a product, the more ________ the buyer can find and, therefore, the more _________ the good becomes.
Fill in the blank(s) with the appropriate word(s).
substitutes; elastic
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Many people tend to buy multiple cars from the same manufacturer because
A) doing so reduces the asymmetric information problem; consumers have better knowledge of quality. B) doing so reduces the asymmetric information problem; consumers have better knowledge of prices. C) doing so doesn't change the asymmetric information problem but consumers have more information. D) doing so increases the consumers brand loyalty.
If the price a buyer pays for a good is $50 and the maximum price she would be willing and able to pay is $53, then ____________ is _______________
A) producers' surplus; $103 B) consumers' surplus; $103 C) consumers' surplus; $3 D) producers' surplus; $3 E) consumers' surplus; $40
What do economists believe causes sustained inflation?
a. government printing too much money b. cost of living declining too rapidly c. currency supply falling gradually d. popular faith in paper money rising
A partnership is ________ type of business
A) the most profitable B) the most common C) the least risky D) the least common