Your company has recently requested that you travel to Dhaka, Bangladesh, to work on negotiations for a new factory to be located in one of the port cities. Your travel agent provides a list of several hundred local hotels and a Sheraton. In this case, the Sheraton brand-name is likely to be used as a signal of
a. perceived differences that are not likely to exist among your various options.
b. quality when quality cannot be easily judged.
c. inefficiency in markets characterized by recognizable brand names.
d. the quality of general lodging accommodations in Dhaka.
b
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If the demand curve for a good is horizontal and the price is positive, then a leftward shift of the supply curve results in
A) a price of zero. B) an increase in price. C) a decrease in price. D) no change in price.
Minimum wages create unemployment in markets where they create a
a. shortage of labor. Minimum wage laws are not the predominant reason for unemployment in the U.S. b. shortage of labor. Minimum wage laws are the predominant reason for unemployment in the U.S. c. surplus of labor. Minimum wage laws are not the predominant reason for unemployment in the U.S. d. surplus of labor. Minimum wage laws are the predominant reason for unemployment in the U.S.