When buying a car from a dealership, to get the best bargain
a. Never stick to the first offer you make
b. Allow room for bargaining
c. Threaten to walk out if the dealer does not accept your offer
d. Quote your highest willingness to pay
c
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A shortage exists in the market for corn at the prevailing price. The shortage will be eliminated by a price: a. increase, increasing the supply and decreasing the demand
b. decrease, increasing the supply and decreasing the demand. c. decrease, increasing the quantity supplied and decreasing the quantity demanded. d. increase, increasing the quantity supplied and decreasing the quantity demanded.
When prices of products are set below equilibrium,
a. society's resources are inefficiently allocated. b. firms expand output to increase profits. c. firms earn excessively high profits. d. consumers benefit from surpluses of cheap goods.