In a situation where an artist is selling his own work to the galleries, the agent is
a. The artist
b. The gallery
c. Both of the above
d. None of the above
a
You might also like to view...
If unemployment in the United States was approximately 5 percent, most economists would believe that the economy was
a. experiencing abnormally high unemployment. b. at or near full employment. c. experiencing an abnormally high labor force participation rate. d. in the midst of a strong economic boom.
Suppose the government has imposed a price ceiling on sliced sandwich bread. Which of the following events could transform the price ceiling from one that is binding to one that is not binding?
a. An increase in the price of flour, which is used to make bread. b. A decrease in the price of lunch meat. c. A decrease in the price of unsliced bread, which people consider a substitute for sliced bread. d. An decrease in the price of peanut butter and jelly.
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 If Smith and Jones are dividing their time efficiently and producing fewer than 10 computers and more than 120 calculators per hour, then Smith will ________ and Jones will ________.
A. produce only computers; produce only calculators B. produce only calculators; produce only computers C. split his time between computers and calculators; produce only calculators D. produce only calculators; split his time between computers and calculators
Union membership has been falling since the year ________.
Fill in the blank(s) with the appropriate word(s).