Emma hopes to get $5 million for her land by refusing to come to terms with the company that wants to buy the land to build apartments
The apartment builders have offered Emma $1.5 million for her land, which is what they paid other land owners in her area for similar-size parcels. Economists would refer to Emma as a ________.
holdout
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Economic analysis and policy are made more difficult by
A. having so much data to work with. B. inadequate and imperfect information. C. an incomplete consensus on the basic goals of social policy. D. the lack of public interest and opinion on economic questions. E. the major economic problems society faces.
Researchers have found that once workers become ineligible for unemployment insurance, they become twice as likely to take a job. From this finding we may infer that unemployment insurance causes a(n) ________ in ________ unemployment
A) decrease; structural B) increase; frictional C) increase; structural D) decrease; cyclical
Which of the following is true of product differentiation?
a. Product differentiation is the first order derivative of the production function. b. Product differentiation exists only when the products are actually different from each other. c. Product differentiation exists when consumers perceive the products to be different. d. Product differentiation exists when producers perceive the products to be different. e. Product differentiation exists when similar goods are sold in geographically segregated markets.
Fixed inputs are those whose
a. quantity changes as the level of output changes b. costs are irreversible c. quantity remains constant regardless of the level of output d. quantity determines the level of profit e. appearance was damaged while being transported, but has been fixed