_________ is the means by which commerce can occur.
a. Finance
b. Revenue
c. Money
d. A financial market
e. A business contract
d. A financial market
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The firms in a perfectly competitive are making an economic profit when new firms enter. The entry shifts the short-run market supply curve ________, the market price ________, and each firm's economic profit ________
A) leftward; rises; decreases B) rightward; rises; increases C) rightward; falls; decreases D) leftward; falls; decreases
Appendix: Auctions are used in place of markets when the items traded are unique (e.g., a Ming vase or a right to drill for oil). Which of the following examples are typically sold using Vickrey auction methods?
a. For-sale-by-owner houses b. Household furnishings c. Items sold in Filene's Basement, with the price discounted after a certain date d. Vintage postage stamps
A game show host who gave up his job as a teacher brags about his salary, saying "the rest is pure gravy." Here, "the rest" refers to
a. opportunity cost b. implicit cost c. explicit cost d. the height of his labor supply curve e. economic rent
An increase in expected inflation shifts the
a. short-run Phillips curve right. b. short-run Phillips curve left. c. long-run Phillips curve right. d. long-run Phillips curve left.