A bond is
A. a document that formally promises to repay a loan.
B. a share of ownership in a company.
C. a promise to pay a dividend.
D. a non-contingent payment.
Answer: A
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When consumers act as price-takers, we say that they behave
A) cooperatively. B) competitively. C) monopsonistically. D) irrationally.
The number of compact discs purchased by a consumer depends on the price of the discs as well as the prices of all other goods purchased.
Answer the following statement true (T) or false (F)
The above table shows the percent of sales held by the four largest firms in an industry
a) Calculate this industry's four-firm concentration ratio. b) Is this industry competitive? c) What market type does it most likely represent?
Compared to the Erie Canal, the primary disadvantage of Pennsylvania canals was
a. state government resistance to providing funds for canal building. b. the steep, mountainous terrain of Pennsylvania. c. a pre-existing network of railroads in Pennsylvania. d. lack of adequate rainfall in Pennsylvania.