A factor market is any place or process where
A. Finished services are bought and sold.
B. Land, labor, or capital is bought and sold.
C. Finished goods are bought and sold.
D. None of the choices are correct.
Answer: B
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The two groups that benefit the most from quotas are
A) the importers who have the right to import the restricted good and the domestic producers of the restricted good. B) the domestic consumers of the restricted good and the domestic producers of the restricted good. C) the domestic consumers of the restricted good and the foreign producers of the restricted good. D) the importers who have the right to import the restricted good and the domestic consumers of the restricted good.
As the time to respond to a change in market conditions increases, the odds of demand being elastic: a. Increase
b. Decrease. c. Stay the same. d. Cannot be determined.
Which one of the following is an example of asymmetric information?
A. A supermarket repackages packages of stale meat and sells them. B. A homeowner knowingly sells a house that has hidden electrical problems. C. A company hires an employee who has an addiction to sleeping pills. D. All of these
Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm. 
Figure 15.1 Refer to Figure 15.1. The profit-maximizing price for a haircut is
A. $10. B. $12. C. $14. D. $16.