Which of the following is the best definition of a spot market?
a. A market in which a good is bought or sold with the idea that the price will increase in the future
b. A market in which a good is bought or sold with the hope that the price will decrease in the future
c. A market in which prices do not fluctuate up or down very easily
d. A market in which a good is bought or sold for immediate delivery or consumption
e. A market in which the good being traded is used to remove spots on clothes
D
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Compared to a perfectly competitive firm, an oligopolist charges
A. too low of a price and too little quantity. B. too low of a price and too much quantity. C. too high of a price and too little quantity. D. too high of a price and too much quantity.
The average-cost pricing policy provides a greater incentive for a regulated monopolist to reduce its production costs.
Answer the following statement true (T) or false (F)
Short-run movements in inflation and output are ultimately attributed to changes in:
A. aggregate demand and aggregate supply. B. foreign policy. C. aggregate demand. D. aggregate supply.
Refer to the diagram in which S is the before-tax supply curve and S t is the supply curve after an excise tax is imposed. The total amount of the tax paid by consumers is shown by areas:
A. A + B + F.
B. A + B.
C. A + B + C.
D. E + F.