When a market clearing price is determined
A. the exchange between buyers and sellers is directed by outside factors such as the government.
B. the exchange between buyers and sellers is voluntary.
C. the exchange between buyers and sellers benefits only the buyers.
D. the exchange between buyers and sellers benefits only the sellers.
Answer: B
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One result of the agriculture price supports cited in the text is that
A) sometimes surplus food is given away. B) food shortages result in most cases. C) small farms receive most of the benefits. D) none of the above.
If the percentage change in quantity demanded of a good is smaller than the percentage change in price, consumers are very price sensitive to the price change of the good
a. True b. False Indicate whether the statement is true or false
In economics, international trade is based on the existence of
A. comparative advantage between countries. B. absolute advantage between countries. C. relative advantage between countries. D. output advantage between countries.
In which of the decades below was the deficit as a percentage of GDP the largest?
A. The 1960s B. The 1950s C. The 1970s D. The 1940s