A seller's reservation price is generally equal to:
A. the seller's marginal cost.
B. the buyer's reservation price.
C. the market price.
D. the seller's average cost.
Answer: A
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Fiscal policy refers to a government's choices over its
A) expenditures, taxes, transfers, and borrowing. B) expenditures, taxes, issuance of money, and borrowing. C) expenditures, foreign affairs, issuance of money, and borrowing. D) issuance of money, taxes, environmental regulations, and foreign affairs.
The slope of the output per worker function is equal to the
A) marginal product of capital. B) marginal product of labor. C) savings rate. D) growth rate of the population.
Which of the following is a residual reward that accrues to business decision makers who use resources so as to increase their value?
a. opportunity cost b. earnings of employees c. economic profit d. interest earnings of corporate bondholders
Credit card companies that operate as intermediary firms between credit card holders and business vendors are best described as
A) platforms in a shared-input market. B) end users in a shared-input market. C) platforms in a transaction-based market. D) end users in a transaction-based market.