Assuming Zero Transactions Costs, If Your Local Grocer Buys Oranges

question 231

Multiple Choice

Assuming zero transactions costs, if your local grocer buys oranges at a low price from an orchard and resells them to you at a higher price, then the grocer's revenue minus costs is known as

• A)arbitrage profits.
• B)transactions profits.
• C)pure profits.
• D)excess profits.

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Definitions:

Meyer v. Nebraska

A 1923 Supreme Court case that ruled a Nebraska law restricting foreign-language education violated the Fourteenth Amendment, emphasizing individual rights.

Fourteenth Amendment

Ratified in 1868, this U.S. Constitutional amendment granted citizenship to all persons born or naturalized in the United States, including former slaves, and provided all citizens with “equal protection under the laws.”

Supreme Court

The highest federal court in the United States, which has the ultimate appellate jurisdiction over all federal and state court cases that involve a point of federal law.

Fundamentalists

Individuals or groups who advocate for a strict and literal interpretation of religious texts and doctrines, often in opposition to modernist or secular views.