To save on negotiation costs when buying a car
a. Always go towards the end of the day, when the seller does not get a chance to make a counteroffer
b. Threaten to leave if the car dealer says anything but yes to your offer
c. Carry only one cashier's check that cannot be modified
d. All of the above
d
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Explain what is meant by "derived demand" as it relates to factors of production
A natural monopoly is a market where
a. a single firm has control over a vital natural resource. b. many smaller firms can produce the entire market output at the same per-unit cost as could one large firm. c. a single large firm can produce the entire market output at a lower per-unit cost than a group of smaller firms. d. many smaller firms can produce the entire market output at a lower per-unit cost than could one large firm.
As the price level decreases, the value of money
a. increases, so people must hold less money to purchase goods and services. b. increases, so people must hold more money to purchase goods and services. c. decreases, so people must hold more money to purchase goods and services. d. decreases, so people must hold less money to purchase goods and services.
Ginger and Maryann are lost in the jungle, where the only things to eat are mangoes and fish. Ginger can gather more mangoes per hour than Maryann and can also catch more fish per hour than can Maryann. Therefore:
A. there are no gains to specialization and trade for Maryann. B. Maryann should specialize in the activity for which she has a comparative advantage. C. Ginger should specialize in the activity for which she has an absolute advantage. D. there are no gains to specialization and trade for Ginger.