When buying a car from a commission salesman you improve your bargaining position by
a. shopping when the new model year cars have just arrived
b. shopping when the showroom is full of customers
c. shopping when the car lot has few cars left unsold
d. shopping toward the end of the month
d
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Differentiate between a closed economy and an open economy
What will be an ideal response?
Imposing a minimum wage that is above the equilibrium wage rate results in
A) higher job search costs. B) lower unemployment. C) the labor market becoming more efficient. D) equilibrium in the labor market.
Past centuries witnessed two important stock price bubbles. The first one occurred between ________, and the second one occurred between ________
A) 1927-29; 2006-08 B) 1973-76; 2006-08 C) 1965-73; 1996-2000 D) 1927-29; 1996-2000
Suppose Julia and Zach are the only consumers of milk. Julia's demand for milk is defined as QdJulia = 12 - 3P at prices below $4 and zero for prices above $4. Zach's demand for milk is defined as QdZach = 10 - 2P at prices below $5 and zero for prices above $5. If the market price for milk is $4.50, market demand is:
A. zero units of milk. B. 1.5 units of milk. C. 1 units of milk. D. 10 units of milk.