Another term for intermediaries who specialize in reducing transaction costs is
A) service providers.
B) consultants.
C) middlemen.
D) revenue agents.
Answer: C
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When there are economies of scale,
a. per-unit costs increase as output increases b. per-unit costs decrease as output increases c. per-unit costs are constant as output increases d. output does not affect per-unit costs
An increase in the price of oil shifts the
a. short-run Phillips curve right and the unemployment rate rises. b. short-run Phillips curve right and the unemployment rate falls. c. short-run Phillips curve left and the unemployment rate rises. d. short-run Phillips curve left and the unemployment rate falls.
Which of the following is not an accurate summary of the equilibrium associated with a single competitive labor market?
A. Firms receive surplus equal to the area above the wage rate and below the demand for labor. B. Total economic surplus is maximized. C. Total firm surplus equals total worker surplus. D. All workers are paid the same market-clearing wage. E. Workers receive surplus equal to the area below the wage rate and above the supply of labor.
The U.S. economy has had persistent inflation in recent decades. A possible explanation for the inflation is that
A. there have been decreases in aggregate demand while aggregate supply has remained unchanged. B. there have been increases in the growth rate while aggregate demand has remained unchanged. C. there have been decreases in the growth rate while aggregate demand has remained unchanged. D. growth in aggregate demand has been greater than growth in aggregate supply.