An Oldsmobile dealer may turn to a __________ like GMAC for loans in purchasing vehicles for his inventory
A) investment bank
B) broker-dealer
C) bootstrap financing company
D) captive finance company
D
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Which of the following statements is true?
A) The total cost of production in a perfectly competitive market can be minimized only when the marginal costs across firms in the market are different. B) When a competitive market is allowed to operate efficiently, firms end up producing goods using the least amount of scarce resources. C) Under a perfectly competitive framework, a ruling authority is essentially required to dictate goals for the betterment of society. D) A firm interested in maximizing profits in a perfectly competitive market will produce output at a level where marginal revenue is equal to the price and greater than the marginal cost.
How can paying workers an above-market wage result in greater efficiency? What are the implications for the flexibility of wages?
What will be an ideal response?
Deciding to invest in capital is a short-run decision.
Answer the following statement true (T) or false (F)
Jason needs help getting ready for the next test in his economics course and would like to hire Maria, an economics tutor, to help him
Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth. The equilibrium price for tutoring is $15 per hour. For how many hours of tutoring will Jason hire Maria? Why this amount of hours? What is Jason's consumer surplus, if any, from the tutoring? What is Maria's consumer surplus from the tutoring?