In which situation are transaction costs most likely to be the lowest?
A) Rodney buys antiques; he is currently looking for an eighteenth-century table.
B) Cathy is looking for someone who is willing to trade accounting services (in return) for law services.
C) Rodriguez wants to buy a house with two master bedrooms.
D) Melinda wants to buy a McDonald's Big Mac (she will not be asking for a special order).
D
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The price elasticity of supply is always a positive value because
i. there is a direct relationship between the price and the quantity supplied. ii. as the equilibrium price increases, the equilibrium quantity also always increases. iii. buyers are willing to pay a higher price for larger quantities. A) i only B) ii only C) iii only D) i and ii E) ii and iii
A labor union that consists of workers from a particular industry is a(n)
A) closed shop. B) industrial union. C) union shop. D) bilateral monopoly.