Which of the following increases the information available to prospective buyers?
A) The auto dealer that allows customers to test drive their cars
B) The grocer that packages its meat in cellophane
C) The college that organizes orientation sessions for potential students
D) The baker that gives customers free samples
E) All of the above.
E
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As the number of sellers in an oligopoly becomes very large,
a. the quantity of output approaches the socially efficient quantity. b. the price approaches marginal cost. c. the price effect is diminished. d. All of the above are correct.
Which of the following is inconsistent with Keynesian models of business cycles?
a) wage and price stickiness b) coordination failure c) multiple equilibria d) efficient market allocation e) the need for stabilization policy
Cyclical unemployment is
A. a result of a poor match of worker's abilities and skills with current requirements of employers. B. a result of the seasonal pattern of work in specific industries. C. related to job search difficulties for potential workers. D. a result of business recessions that occur when aggregate demand is insufficient to create full employment.
Which of the following is used to explain why a consumer's willingness to buy Microsoft Office increases as the number of other people who use Microsoft Office increases?
A) network externalities B) market failure C) diminishing marginal utility D) the income effect of a price change