One advantage of ______________ is being able to set the industry standard.
A. being established
B. legal barriers
C. economies of scale
D. None of the choices are correct.
A. being established
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If adverse selection exists in a market
A) the government steps in and shuts it down. B) the market is considered a "grey market." C) consumers may not participate in the market at all. D) total surplus is maximized.
Ethan washes and irons his own shirts. Sophia, his boss, sends her clothes to a laundry. Which is the most plausible economic explanation for this difference?
a. Ethan must enjoy ironing more than Sophia does. b. Ethan must be better at ironing than Sophia is. c. The opportunity cost of ironing is greater for Ethan. d. Sophia has a higher opportunity cost of laundering her clothes than Ethan does.
Which of the following is correct?
a. Inflation impedes financial markets in their role of allocating savings to alternative investments. b. Inflation encourages savings through the tax treatment on capital gains. c. Inflation encourages larger holdings of currency by the public. d. Inflation reduces people's real purchasing power.
Suppose that a consumer is at an optimum consuming A and B. If the price of A falls, then to get to a new equilibrium the consumer must
A) purchase less A and more B. B) purchase less B and less A. C) purchase more A. D) purchase more B.