Why would someone buying a meal deal at a fast food restaurant be part of the product market?
a. Neither party involved is a firm.
b. Neither party involved represents a household.
c. A household is trading a product to another household.
d. A household is buying a product from a firm.
d. A household is buying a product from a firm.
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Based on the table "Real and Nominal GDP," if year one is the base year, then the nominal GDP in year two, is ________
A) 8250 B) 5000 C) 7200 D) 7500 E) none of the above
Which of the following is not an example of a public good that the government has made excludable?
A. Toll roads. B. City buses. C. State colleges. D. Fire Protection.
The wholesale price of cranberries in the market is currently $0.83/lb. The quantity supplied at this price is 90,000 pounds. The quantity demanded is 95,000 pounds. In this case, there is:
a. Excess supply in the market and this is a signal for sellers to decrease price b. Excess supply in the market and this is a signal for suppliers to increase price c. Excess demand in the market and this is a signal for consumers to buy less d. Excess demand in the market and this is a signal for consumers to buy more e. The market is in equilibrium
The old saying, “There are no free lunches,” can best be used to explain that ______.
a. free-riders will use goods without paying for them b. there are trade-offs for every government program c. transaction costs prevent the completion of most deals d. private firms are more efficient than the government