Who knows how to measure the true cost of a pint of B-positive blood?
A) An economist
B) A clerk at the blood bank
C) Only the Surgeon General of the United States
D) Any competent medical authority
E) None of the above.
E
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Economic activity that is above potential output ________
A) signals that potential output is about to increase B) is not possible C) results from an economic shock to which the economy has yet to adjust fully D) occurs near the trough, rather than the peak, of a business cycle E) none of the above
In a market characterized by many buyers and one seller, investment in informative advertising by a seller can ____ the price of a commodity to customers and lower their _____ cost of acquiring information
a. decrease; sunk cost b. increase; transaction cost c. increase; sunk cost d. decrease; transaction cost