Buyers and sellers in a factor market might be negotiating an exchange of
A. services provided to final consumers.
B. either goods for use by final consumers or services provided to final consumers.
C. goods for use by final consumers.
D. labor or financial capital.
Answer: D
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a. True b. False Indicate whether the statement is true or false
College graduates now earn nearly twice as much as their high school-educated peers and that gap is increasing.
Answer the following statement true (T) or false (F)
A budget line shows the:
A. alternative combinations of two goods that a consumer can purchase with a given money income. B. alternative combinations of two goods that will yield the same level of total utility to a consumer. C. quantities of a particular good that a consumer will buy at various prices. D. ratio of money income to product price.
Price ceilings often generate
A. black markets. B. market clearing prices. C. equilibriums that utilize rationing by price. D. rapid increases in supply to meet the excess demand.