What happens when any market is in disequilibrium and prices are flexible

Ben has two options this weekend. He could work at his job and earn $8 per hour for three hours, or he could go to an exhibit at the art museum for that three hours. A ticket for the event costs $30. What is the opportunity cost of the event?

One of the four most fundamental factors that affect the cost of money as discussed in the text is the expected rate of inflation.

The burden of a tax will fall primarily on sellers when the:a. demand for the product is highly inelastic and the supply is relatively elasticb. demand for the product is highly elastic and the supply is relatively inelasticc.

Which of the following is NOT a characteristic of secure property rights? A. The property itself must be able to be defined. B. Ownership rights must be enforced under the rule of law. C. The owner must be able to sell or give the property away. D.

because conumers today are presented with so many choices it is generally best if your advertising is

Which statement describes the equity‑efficiency trade‑off? Government intervention can increase efficiency in a market. Actions intended to make economic outcomes fairer may cause efficiency to decrease.

Adventures Company provides event management services. The company has three employees, each assigned to specific customers. The company considers each employee's territory as a business segment.

Being a first mover in a market is advantageous for a firm because: Group of answer choices it may have an opportunity to free ride on late-mover investments. it may gain advantage through proprietary technology.

In pure competition, the demand for the product of a single firm is perfectly Multiple Choice A) elastic because the firm produces a unique product. B) inelastic because the firm produces a unique product.

Suppose Toyota built a new automobile plant in Mexico using Japanese management practices, Canadian capital, and Mexican labour. Which of the following statements would be true? A.