In the first years of a professional athlete's career, the athlete is "under reserve," which means that he or she cannot negotiate with other teams. This implies that, everything else equal,
A) the player's salary is probably higher than it otherwise would be.
B) the player's salary is probably lower than it otherwise would be.
C) the player's salary is probably the same as it otherwise would be.
D) the player is not hired by the team.
B
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Imports are goods and services bought domestically
A) and resold at a profit. B) and not subject to tariffs. C) and produced domestically. D) but produced in other countries.
A monopoly is a firm that:
A. is the sole producer of a good or service with no close substitutes. B. is the sole producer of a good or service with many close substitutes. C. is the producer of a good or service with just a few large competitors. D. produces a good or service that is identical to many others sold in the market.
Firms that engage in price discrimination
a. will earn less profit than those that do not discriminate. b. will earn more profit than those that do not discriminate. c. are biased against certain buyers in the market. d. will always produce less output than firms that do not discriminate.
If the world supply curve is SW0,
A. domestic quantity supplied is unrelated to domestic quantity demanded. B. domestic quantity supplied exceeds domestic quantity demanded. C. domestic quantity supplied equals domestic quantity demanded. D. domestic quantity supplied is less than domestic quantity demanded.