Import standards on specific countries usually address issues affecting:
A. domestic consumers.
B. domestic producers.
C. foreign production practices.
D. how goods and services flow from one nation to another.
C. foreign production practices.
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Contingent contracts
A) are inefficient when monitoring is possible. B) equally divide the risk between principal and agent. C) can be used when monitoring is not reasonably possible. D) put the risk on the principal.
A demand curve that is drawn as a vertical line has a price elasticity of demand equal to:
A. the quantity. B. 0. C. 1. D. infinity.
Why is a monopsony a negative situation for a worker?
a. Wages are lower than in a competitive labor market. b. Their workplace is not in a convenient location. c. Increased hiring causes workplace overcrowding. d. They have better options for employment nearby.
Firms that produce 90 percent of all phone cameras have shut down their facilities for maintenance. In the phone camera market this will lead to
A) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.