Refer to Figure 2-18. Which two arrows in the diagram depict the following transaction: LaDonna sells 20 pairs of sunglasses at the Oakley store
A) K and G B) K and M C) J and M D) J and G
A
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Markets do not always allocate resources efficiently, however, government always does
a. True b. False
The efficient market hypothesis states that:
A. markets currently contain an efficient amount of information for them to clear. B. markets currently contain all available information and correctly value instruments. C. when buyers and sellers act in their own best interest markets will be efficient. D. in order for markets to be efficient they need to be adequately regulated.
Harry used to work in a launderette and earned $30 a day. After work, he normally had a chicken burger worth $5 at McDonalds. After his pay was lowered to $20 he would purchase a vegetable burger worth $3 instead of the $5 chicken burger. In this scenario, the vegetable burger is an example of a(n)
A. luxury good. B. complement good. C. inferior good. D. normal good.
Which of the following is likely to shift the current demand curve for a normal good to the right?
a. a decrease in the good's price if the good is a normal good b. an increase in the price of a complementary good c. an expectation of a shortage in the future d. a decrease in income if the good is a normal good e. an expectation of a surplus in the future