When the demand for housing slumps, carpenters might expect their incomes to fall
a. True
b. False
A
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When bidders values of an item in an auction are correlated, buyers of an item will ________ their bids and sellers will ________ their bids to avoid the winner's curse.
A) raise; raise B) raise; lower C) lower; lower D) lower; raise
Considering the information in the table shown, the price of ice cream is:
This table shows the different combinations of goods that Jack can consume, given that his income to spend on these two items is $10.
A. $2 per cone.
B. $1 per cone.
C. diminishing as Jack increases the amount consumed.
D. $5 per cone.
The deadweight loss from a tax of $2 per unit will be smallest in a market with
a. inelastic supply and elastic demand. b. inelastic supply and inelastic demand. c. elastic supply and elastic demand. d. elastic supply and inelastic demand.
As a result of our ____________ incomes and ____________ wants, it is in our self-interest to economize or pick and choose goods and services that maximize our satisfaction.
a. limited; finite b. unlimited; insatiable c. limited; insatiable d. scarce; satiable