Households are on the:
A. supply side of both factor markets and goods markets.
B. supply side of factor markets and the demand side of goods markets.
C. demand side of factor markets and the supply side of goods markets.
D. demand side of both factor markets and goods markets.
Answer: B
You might also like to view...
The current chair of the Board of Governors of the Federal Reserve is
A) Janet Yellen. B) John Snow. C) Alan Greenspan. D) Henry Paulson.
Models must
A) be able to yield useable predictions. B) be totally realistic in every detail. C) be a complete reproduction of the real world. D) include every relationship that exists.
Suppose that Barack and Michelle are duopolists. Barack is producing 300 units of output, and Michelle is producing 400 units of output. When Michelle produces 400 units, Barack maximizes profit by producing 300 units. When Barack produces 300 units of output, Michelle maximizes profit by producing 400 units. Barack and Michelle are
a. in a competitive market. b. at a Nash equilibrium. c. producing with no deadweight loss. d. selling at a price higher than the monopoly price.
Price discrimination is:
a. when firms charge different prices to different customers based on the different costs of serving them. b. when firms charge different prices to different customers based on their willingness to pay. c. an illegal practice. d. a practice that leads to the same outcome as would public ownership of a monopoly.