Which of the following is not likely to incorporate a great deal of economic rent?
a. the salary paid to Paula Abdul as a judge on American Idol
b. the price for dinner at a nice restaurant in a major city
c. rental of beachfront property during the summer
d. sale of piece the parquet floor previously in the famous Boston Garden
b
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According to the Application, the cultural changes in England allowed individuals to take advantage of
A) the elimination of trade barriers resulting from the formation of the European Union. B) the decrease in population caused by the number of citizens who were leaving for the New World. C) new developments in science and technology. D) the increase in agrarian lifestyles.
If a used-car dealer suffers economic losses, then
A) as a group, its customers were necessarily made worse off. B) as a group, its competitors necessarily enjoyed economic profits. C) it must pass its losses onto its future customers. D) none of the above is true.
What is a monopsony?
What will be an ideal response?
Which is NOT an example of moral hazard
a. people eat less at all-you-can-eat buffets b. loggers clear-cut a tract of land when paying a fixed price rather than when paying per tree felled c. Drivers of heavier, safer cares are more likely to run stop signs d. workers on commission work harder than those paid an hourly wage