Identify markets in which there is an exchange
What will be an ideal response?
financial capital markets, labor markets, and consumer markets
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One of the biggest benefits of the Internet auction site eBay
A) is its control over prices. B) is that it increases the supply of products. C) is that it increases the demand for products. D) is that it reduces transaction costs for both sellers and buyers.
The marginal revenue curve of a monopolistically competitive firm is
A) downward sloping and above the demand curve. B) downward sloping and below the demand curve. C) identical to the demand curve as there are many small firms in the market. D) perfectly elastic.
If Eddie Li is a skilled worker employed in a low-skill job, he is
a. underemployed b. unemployed c. overemployed d. fully employed e. All the answers are correct
Which of the following is false?
A. Keynes believed that the economy was basically unstable. B. The classical economists believed that full employment was a "rare occurrence". C. Keynes argued that the expected rate of profit was the most important factor in determining the level of investment demand in an economy. D. The classical economists used the laws of supply and demand to prove the validity of Say's Law.