Intermediaries, known as middlemen, specialize in
A) reducing transaction costs.
B) negotiating high prices for sellers.
C) negotiating low prices for buyers.
D) encouraging consumers to buy goods on credit, rather than with cash.
Answer: A
Economics
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The opportunity cost of taking an on-line history class is
A) the cost of tuition and fees only. B) zero because there is no classroom time involved if you are enrolled in the course. C) the value of the time spent on line. D) the knowledge and enjoyment you receive from taking the class. E) equal to the highest value of an alternative use of the time and money spent on the class.
Economics
The current supply of Rembrandt paintings:
a. is perfectly elastic b. is elastic. c. is unit elastic. d. is perfectly inelastic.
Economics