Recall the Application about low-price guarantees and the prices of tires to answer the following question(s).Recall the Application. From a pricing standpoint, low-price guarantees seem to benefit:
A. the buyer.
B. the seller.
C. both the buyer and the seller.
D. neither the buyer nor the seller.
Answer: B
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When individuals are debating whether to supply labor, they think about all of the following except:
A. the cost in terms of forgone leisure. B. the benefit of more income for each hour worked. C. whether the benefits outweigh the costs. D. the level of profits they bring to the firm.
Which of the following lags makes stabilization policy more problematic?
A. Expenditure lags B. Recognition lags C. Policy lags D. All of these responses are correct.
The marginal cost of consuming another unit of a good:
A. must exceed the marginal benefit or the unit will not be consumed. B. equals the total cost of consuming all prior units. C. equals the increase in total cost when another unit is consumed. D. must equal the marginal benefit or the unit will not be consumed.
Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 3.5%; scenario B has an average annual growth of 4.5%. The nation's real GDP would double in about:
A. 20 years under scenario A, versus 30 years under scenario B B. 20 years under scenario A, versus 16 years under scenario B C. 12 years under scenario A, versus 16 years under scenario B D. 16 years under scenario A, versus 30 years under scenario B