Which of the following is true?
A) Buyers always prefer lower prices to higher prices.
B) Buyers never prefer lower prices to higher prices.
C) Buyers rarely prefer lower prices to higher prices.
D) Buyers prefer lower prices to higher prices, ceteris paribus.
D
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The decision rule for a profit-maximizing firm operating in a competitive market to hire an additional worker is the value of the:
A) marginal product of the worker should be equal to or greater than the wage rate. B) marginal product of the worker should be equal to or lower than the wage rate. C) average product of the worker being hired should be equal to the wage rate. D) average product of the worker being hired should be lower than the wage rate.
Buying insurance is similar to
A) selling risk. B) irrationally avoiding life's risks. C) being a free rider. D) buying risk.