Arbitrage
a. Is the act of to buying low in one market and selling high in another market
b. Can force a seller to go back to uniform pricing
c. Can defeat direct price discrimination
d. All of the above
d
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The United States is considered by the Institute for Management Development to be the most competitive economy because
A) U.S. residents are willing to work harder than anyone else is. B) of widespread entrepreneurship. C) of a high saving rate. D) of selected restrictions on imports from Japan and Europe.
The major reason that presidents of major corporations receive an average salary of over $1 million a year while police officers receive an average salary of about $56,000 a year can best be explained by:
A. Discrimination B. Lack of job information C. Compensating differences D. Noncompeting labor groups