What would be an example of consumption service?
A) Rhianna gets a haircut.
B) Jake buys an iPhone.
C) Antonio, the manager of the local Taco Hut, purchases a new deep fryer.
D) The local driver's license office purchases a new digital camera and printer.
E) Donald Trump purchases furniture for his office.
A
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Which of the following statements about markets is true?
a. Markets reduce the opportunity costs of making exchanges. b. Markets expand the range of buyers and sellers available as counterparties. c. Markets increase the transaction costs of making exchanges. d. Markets increase the costs of information.
The causal view of an industry is that:
A. market performance causes firms to have a certain structure. B. behavior causes firms to have a certain structure. C. market performance causes firms to behave in a certain way. D. market structure causes firms to behave in a certain way.