________: the process of purchasing commodities in one market at a low price and rapidly selling them in another market at a higher price
Fill in the blank(s) with correct word
Arbitrage
Economics
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Bill is a laborer. What is the relationship between Bill's wage and his opportunity cost of an hour of leisure?
Economics
GDP is?
What will be an ideal response?
Economics
In economic terminology, when a resource is used to produce output it is referred to as
A. a fifth element. B. a factor of production. C. an intangible. D. a service.
Economics
For each pair of items below determine which product would have the higher price elasticity of demand (in absolute value)
a. Insulin for a diabetic or aspirin for someone suffering a headache. b. A new Whirlpool 27 cu.ft. side-by-side refrigerator or electricity to power your all-electric home. c. A can of Red Bull or soft drinks in general. What will be an ideal response?
Economics