The resource market is different from the product market because
a. in the resource market, firms don't maximize profit
b. in the resource market, households don't maximize utility
c. in the resource market, firms are demanders and households are suppliers
d. supply and demand do not apply in the resource market
e. supply and demand do not apply in the product market
C
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Refer to the payoffs in the table above. Sears and Wal-Mart must decide whether to lower their prices based on the profits shown in the table. This game has
A) no Nash equilibrium. B) a Nash equilibrium: Sears keeps its prices high and Wal-Mart lowers its prices. C) a Nash equilibrium: both Sears and Wal-Mart keep prices high. D) a Nash equilibrium: both Sears and Wal-Mart lower prices.
Dumping refers to
A) exporting products that do not meet domestic safety standards. B) selling inferior products to unsuspecting consumers. C) illegally avoiding tariffs by selling products on the black market. D) selling a product for a price below its cost of production.
The benefit principle views _____
a. a tax as the price that is paid for a government-supplied activity b. all government activity as beneficial c. all taxes as being beneficial if they are spent in the public interest d. all Pareto-efficient moves as beneficial
Graphically, a market demand curve is found by
A) taking the average of all prices that people are willing to pay. B) summing the quantities demanded by all individuals at each price. C) summing the prices each consumer would pay for each quantity. D) taking the average of the individual demand curves.