By summing the quantities demanded by individuals at each price we obtain the
A) equilibrium price.
B) market demand curve.
C) market supply curve.
D) individual demand curve.
B
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Jim is haggling with a car dealer, along with another customer, over the sale price of a used car. When he entered the store, the storekeeper was already haggling with the other customer. His bargaining position would improve if
a. The other customer leaves b. He receives an offer from a competing car dealer c. He can make it clear that he will leave if his offer isn't accepted d. All of the above
Demand for inputs is a derived demand because
a. it is derived from the need for income. b. it corresponds to the derived supply of the inputs. c. producers want the input to produce the finished good. d. it is downward sloping.
Someone who is risk-averse is likely to:
A. invest in a start-up company instead of putting her money under her mattress. B. buy company stock instead of putting money in a savings account. C. buy a government bond instead of a stock. D. All of these statements are true.
It is possible to purchase diplomas from diploma mills. The situation in which the degrees are more important than the knowledge they are supposed to represent is called:
A. accreditation. B. credentialism. C. cretinism. D. diplomacy.