When you buy previously issued shares of Snap stock, this transaction takes place in the
A) primary market.
B) bond market.
C) secondary market.
D) bear market.
Answer: C
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A cancer patient is told he needs chemotherapy in order to live three more years at best, but the patient's final three years will be filled with all the terrible side-effects of the treatment
Without it, he will surely die within a year, but his quality of life would be a better. Suppose he chooses to quit chemotherapy and instead he spends his time learning to play the cello, something he always wanted to learn. The economic way of thinking suggests A) others should consider playing the cello while they are still young and healthy. B) the doctors were absolutely right—the patient needs chemotherapy. C) the patient considers playing the cello a substitute for chemotherapy. D) the patient has clearly given up his will to live.
The primary reason why a monopoly can make a long-run economic profit is the existence of
A) barriers to entry. B) inelastic demand. C) price discrimination. D) many buyers.
The marginal rate of substitution is
A) equal to unit changes in the quantities of both goods so that utility rises. B) the slope of the budget line at all points. C) the change in the quantity of one good that just offsets a unit change in another good, keeping utility constant. D) found by adding additional units.
If the demand for macaroni and cheese decreases as income increases, macaroni and cheese is a(n)
A. inferior good. B. normal good. C. complementary good. D. substitute good.