Middlemen are individuals who
a. add to the buyer's expense without performing a useful function.
b. add to the seller's cost without performing a useful function.
c. provide services that reduce the cost of transactions and help achieve additional gains from trade.
d. act as a middle person between the top management of a business firm and the hourly employees who actually produce the goods and services.
C
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Which of the following statements identifies a difference between correlation and causation?
A) Correlation occurs when one thing directly affects another, whereas causation implies a mutual relationship between two things. B) Causation cannot arise when correlation is present, and correlation cannot arise when causation is present. C) Correlation implies a mutual relationship between two things, whereas causation occurs when one thing directly affects another. D) A causal relationship exists between two variables when they are correlated, but correlation does not necessarily exist if there's a causal relationship between two variables.
Which term describes an especially lengthy and deep recession?
a. peak b. depression c. recession d. trough
Would a profit-maximizing firm sell at a price where demand is inelastic? Explain
In which section of the United States are "right-to-work" laws most prominent?
A. The Northeast B. The West coast C. The South D. The Midwest