In two to three sentences, describe why sellers in a perfectly competitive market have no control over price.

2. Lessack Auctioneers advertised an auction sale that was open to the public and was to be conducted with a reserve price of $150. Gordon attended the auction and bid $100 for a work of art that was worth much more. No higher bid, however, was made.

Voluntary exchanges happen when both parties expect to

Two types of deposit accounts are loans and saving checking and direct deposit checking and savings savings and loans

Whcih is an exogenous factor that affects the business cycle?

Let's say that our country produces only bread and apples (both final goods). In year 1, we produce 10 loaves of bread at $3 each, and 20 apples at $1 each. In year 2, we produce 8 loaves of bread at $2 each, and 25 apples at $1.25 each.

A structure within which executives, managers, specialists, and workers are broken out is commonly known as what type of structure?

What way of calculating ROI makes it easiest to compare investments?

Select the correct answer. Which assumption is a factor in Ricardo's Theory of International Trade? A. trade flow is restricted across borders B. trade laws are different in different nations C. labor is an irrelevant factor of production D.

Some company executives favor the idea of contract manufacturing using local players, whereas others feel a direct investment strategy would be better. What would most strengthen argument for direct investment?

A company has a defined benefit pension plan for its employees. On December 31, year one, the accumulated benefit obligation is $45,900, the projected benefit obligation is $68,100, and the fair value of the plan assets is $62,000.