When buying a car from a commission salesman you improve your bargaining position by
a. shopping for last year's model when the new model year cars are arriving
b. shopping when the showroom is full of customers
c. shopping when the car lot has few cars left unsold
d. shopping toward the beginning of the month
a
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Which economic concept explains why a large drugstore chain can produce at a lower average cost than Whoville Pharmacy, an individually owned drugstore?
a. increasing marginal returns b. diminishing marginal returns c. economies of scale d. diseconomies of scale e. constant returns to scale
GDP counts:
A. only final goods and services, because otherwise certain things would be double-counted and the GDP would be overestimated. B. only intermediate goods and services, because those are easier to track. C. both intermediate and final goods and services because it is important to capture all values, regardless of which market they take place in. D. all values that are reported to the government.
To be the best at everything is possible
Indicate whether the statement is true or false
Assume the market was in equilibrium in the graph shown. If the market price gets set to $14, which of the following is true?
A. Some producers gain surplus, but total surplus falls. B. Some consumers gain surplus, but total surplus falls. C. Some consumers lose surplus, but total surplus rises. D. Some producers lose surplus, but total surplus rises.