"30 people camp on the sidewalk in 10 degree weather for Phish reunion concert tickets, sold only at the door." In the economic way of thinking, the people camping out are
A) competing against other Phish fans for concert tickets.
B) taking what they believe is an efficient strategy for acquiring a scarce good.
C) planning to cooperate with the sellers of the concert tickets.
D) doing all the above.
D
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The marginal revenue curve of a perfectly price-discriminating monopolist
a. coincides with the marginal cost curve b. lies below the market demand curve c. coincides with the market demand curve d. is a horizontal line through the midpoint of the market demand curve e. does not exist
A corporate IOU is called a
a. corporate bond b. corporate stock c. common stock d. preferred stock e. convertible stock
Shares of stock are:
A. legal promises to make regular payments to the stockholder. B. claims to partial ownership of a firm. C. legal promises to repay a debt. D. regular payments made to owners of a firm.
According to rational expectations, expectations will only change in the event that ________
A) wealth changes B) current income changes C) permanent income changes D) unanticipated new information arises