Scalping is likely to appear when a price is set below equilibrium price by the seller.
Answer the following statement true (T) or false (F)
True
Scalpers will make a profit when they buy a product at a price below the equilibrium price and sell it at a higher price. So if a market price is set below equilibrium price, profit potential exists, which encourages scalping.
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If the price of TVs produced by XYZ-TV Company falls from increases from $1,000 to $1,250 per TV set, then the:
A. supply of labor to the XYZ-TV Company decreases. B. supply of labor to the XYZ-TV Company increases. C. demand for labor by the XYZ-TV Company decreases. D. demand for labor by the XYZ-TV Company increases.
Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In response to this ordinance, Angus agrees to pay Dudley $225 each day to not call the police
Compared to the original scenario where there was no ordinance banning loud music, in this situation the size of the economic pie will A) shrink. B) not change. C) grow. D) More information is needed to determine the size of the economic pie.
If your real disposable income goes up by $1,000 per week, and your real consumption spending goes up by $800 per week, you have a marginal propensity to consume of
A) 0.2. B) 0.8. C) 1.2. D) 1.0.
One of the most effective international cartels ever formed was in
a. steel b. iron c. wheat d. rubber e. oil