The concept of a market is a
A. place where sellers increase their wealth.
B. store.
C. location where buyers and sellers meet to negotiate prices and determine quantities traded.
D. group of buyers and sellers of a good or service.
Answer: C
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The existence of marginal external benefits for a product like higher education creates a deadweight loss for society because, without government intervention, ________ would be consumed and ________ would be produced
A) more than the efficient amount; more than the efficient amount B) more than the efficient amount; less than the efficient amount C) less than the efficient amount; more than the efficient amount D) less than the efficient amount; less than the efficient amount E) the efficient amount; the efficient amount
Consumer goods:
A.) Account for half of total U.S. output. B.) Include expenditures for durable goods, nondurable goods, and services. C.) Include government expenditure on welfare and food stamps. D.) Account for the smallest portion of U.S. GDP.
Government regulation of a natural monopoly causes its average cost curve to shift downward.
Answer the following statement true (T) or false (F)
Refer to the above figure. If government sets the maximum legal price of gasoline at $2 per gallon, then the $2 limit acts as
A. an equilibrium price. B. a just price. C. a price floor. D. a price ceiling.