When considering the price lags of the West behind the East, by the eve of the Civil War the lag was
a. roughly one year.
b. six months.
c. three months.
d. virtually eliminated.
d. virtually eliminated.
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Which of the following professionals is likely to receive higher compensatory wages?
a. Financial accountants b. Software engineers c. Sales workers d. Share traders e. Tailors
Which of the following is a distinguishing characteristic of a user charge?
a. Persons pay roughly in proportion to the extent that they use the good or service. b. Persons with high incomes pay a larger amount than persons with lower incomes for the same good or service. c. Persons with high incomes pay a larger percentage of their income than persons with lower incomes for the same good or service. d. Persons with high incomes pay a smaller percentage of their income than persons with lower incomes for the same good or service.
Which of the following is true?
A. In Cournot oligopoly markets, firms produce an identical product at a constant marginal cost and engage in price competition. B. In oligopoly markets, a change in marginal cost never has an effect on output or price. C. In Bertrand oligopoly markets, each firm believes that its rivals will hold their output constant if it changes its output. D. In Sweezy oligopoly markets, each firm believes rivals will cut their prices in response to a price reduction, but will not raise prices in response to price increases.
Which is NOT an example of inelastic supply?
A. Tickets to a sold-out concert B. Bottled water C. Hotel rooms in a city during a convention D. Golf courses in a county