Which of the following is not an example of a market?
a. A small town has only one seller of electricity.
b. In the United States, a sick person cannot legally purchase a kidney.
c. In Florida, there are many buyers and sellers of key lime pie.
d. The availability of Internet shopping has expanded the clothing choices for buyers who do not live near large cities.
b
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Refer to the scenario above. The situation here is similar to that in a(n) ________
A) prisoners' dilemma B) zero-sum game C) ultimatum game D) symmetric game
Assume that the fixed exchange rate system of 1.1 euros = 1 dollar is below the equilibrium exchange rate of 1.3 euros = 1 dollar in a flexible exchange rate system. Then, at the fixed exchange rate, the dollar would be
a. undervalued and the euro would be overvalued. b. overvalued and the euro would be undervalued. c. revalued and the euro would be devalued. d. depreciated and the euro would be appreciated.
Assume the United States and Australia have the same amount of resources. In a given time period, the United States can produce 2 tons of beef or 200,000 cars. Australia can produce 1 ton of beef or 100,000 cars. This means that
A. Australia has an absolute advantage in both beef and cars. B. The United States has a comparative advantage in beef. C. The United States has an absolute advantage in both beef and cars. D. Australia has a comparative advantage in cars.
An increase in the U.S. cattle herd in Texas because of favorable market conditions will
A. shift the supply curve of US corn to the right. B. shift the supply curve of US corn to the left. C. shift the demand curve for US corn to the right. D. shift the demand curve for US corn to the left.