Banks act as:
A. an organizer among firms in a specific market.
B. intermediaries between borrowers and savers.
C. informants to various buyers about prices and contracts.
D. a negotiator for buyers.
B. intermediaries between borrowers and savers.
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When the price of audio books, a normal good, falls, causing your purchasing power to rise, you buy more of them due to
A) the deadweight loss effect. B) the elasticity effect. C) the income effect. D) the substitution effect.
Your college roommate receives a pay raise at her part-time job from $9 to $11 per hour. She used to work 25 hours per week, but now she decides to work 20 hours per week in order to spend more time studying economics. For this price range, her labor supply curve is
a. vertical. b. horizontal. c. upward sloping. d. backward sloping.