A competitive market has two basic characteristics. What are those two characteristics?
In a competitive market, there are many buyers and sellers and the goods offered by the various sellers are essentially the same.
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Present bias implies that:
A) a consumer gives much more weight to the future than to the present. B) a consumer gives much more weight to the present than to the future. C) discount weights for delayed consumptions will always equal one. D) discount weights for delayed consumptions will always be greater than one.
Refer to Table 18-1. Suppose a series of votes are taken in which each pair of alternatives is considered in turn. The first pair considered is between subsidies for education and research on Alzheimer's
The second pair considered is between Alzheimer's research and increased border security. The third pair considered is between education subsidies and increased border security. In this case, the collective preferences of the voters A) turn out to be transitive and will yield a consistent outcome. B) turn out not to be transitive but will yield a consistent outcome. C) turn out not to be transitive and will not result in a consistent outcome. D) turn out to be transitive but will not result in a consistent outcome.
Ronald Coase's study, "The Nature of the Firm," argued that firms are formed to take advantage of situations in which hierarchies are more efficient than markets
a. True b. False
If the price of labor falls, we can expect
a. demand for labor will increase b. quantity demanded of labor will increase c. demand for labor will decrease d. quantity demanded of labor will decrease e. marginal labor cost to rise