A spot exchange involves a market where goods are bought and sold at a:
A. prevailing market price.
B. contracted market price.
C. post-determined market price.
D. predetermined market price.
Answer: A
You might also like to view...
Monopolies are inefficient because, at the profit-maximizing output level,
A) MC = MR. B) MC does not equal MR. C) MB = MC. D) MB does not equal MC. E) P = ATC.
Refer to the diagram of the market for product X. Curve S t embodies all costs (including externalities) and D t embodies all benefits (including externalities) associated with the production and consumption of X. Assuming the market equilibrium output
is Q 1 , we can conclude that the existence of external:
A. costs has resulted in an overallocation of resources to X.
B. benefits has resulted in an overallocation of resources to X.
C. costs has resulted in an underallocation of resources to X.
D. benefits has resulted in an underallocation of resources to X.
Barter occurs when
a. two people share everything b. one product is exchanged directly for another product c. money is used to buy goods d. money is exchanged directly for other money e. goods are used to buy money
Complementary goods are goods:
a. that are consumed jointly. b. that are consumed one in place of the other. c. for which demand increases when the price of its complementary goods increases. d. for which demand decreases when the price of its complementary goods decreases. e. that are inversely related.