Mike went to a shop to buy a pair of gloves. Who will have a higher bargaining power if the seller knows that Mike needs the gloves urgently?
What will be an ideal response?
The seller will have a higher bargaining power if he knows that Mike needs the gloves urgently. This is because he knows he can get away with charging a higher price because Mike does not have the time to check for other deals available in the market.
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The price elasticity of demand is the
A) percentage change in quantity demanded divided by the percentage change in price. B) change in quantity demanded divided by the change in price. C) percentage change in price divided by the percentage change in quantity demanded. D) change in price divided by the change in quantity demanded.
A tariff is a tax on ____ goods that is designed to ____.
A. exported; protect domestic industries B. exported; hurt foreign industries C. imported; made domestic consumers pay more D. imported; protect domestic industries