Suppose that friends Jennifer, Stephanie, and Megan cannot agree on how much to spend for a bouquet of flowers to send to a person that allowed them to use their beach house for the weekend. Jennifer wants to buy a moderately priced bouquet, Stephanie
wants to buy an expensive bouquet, and Megan wants to buy a very expensive bouquet. Assuming no paradox of voting, majority voting will result in the decision to buy:
A. an inexpensive bouquet.
B. a very expensive bouquet.
C. a moderately priced bouquet.
D. an expensive bouquet.
Answer: D
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A savings account is an example of consumer income.
Answer the following statement true (T) or false (F)
Which of the following statements is true of a frictionless labor market?
A) The quantity of labor demanded always exceeds the quantity of labor supplied. B) Firms can instantly hire and fire workers. C) The quantity of labor supplied always exceeds the quantity of labor demanded. D) All firms pay below the equilibrium wage rate.
The most common form of business organization in the United States is the
A) proprietorship. B) partnership. C) corporation. D) cooperative.
If a seller can identify two groups of consumers with different demand elasticities, and can prevent arbitrage between the groups, it can increase profit by charging a higher price to the low-elasticity group.
Answer the following statement(s) true (T) or false (F)