Table 14.4Table 14.4 represents 3 markets for used motorcycles. Which of the markets in Table 14.4 are in equilibrium?
A. 1 only
B. 2 only
C. 3 only
D. 1 and 3
Answer: B
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How does money make the circular flow model more efficient
A. Neither the product nor resource market can exist without money. B. Money gives firms an advantage over households, since they have more money. C. Money makes the product market more important than the resource market D. Having a common medium of exchange, like money, eliminates the need to barter.
According to the graph shown, if a firm is producing at Q2, and it is identical to others in the market:
A. profits are not being maximized. B. firms will enter this market. C. economic profits are zero. D. firms will leave this market.
Antitrust laws in other countries are much stronger than U.S. antitrust laws
a. True b. False Indicate whether the statement is true or false
A market in which adverse selection occurs is often called a lemons market
a. True b. False Indicate whether the statement is true or false