Which of the follow is NOT an example of a market?
A. Retail trade of chocolate ice cream in Boston.
B. The buying and selling of homes in Kansas City.
C. The farmer's market in Madison, Wisconsin.
D. The buying and selling of used cars.
C. The farmer's market in Madison, Wisconsin.
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Buyers and sellers of a particular good make up the:
A. demand for the good. B. production possibilities curve for the good. C. market for the good. D. supply for the good.
In sequential games, the player who moves first:
A. sometimes has an advantage and sometimes has a disadvantage. B. has a first-mover advantage only when he or she is able to make a credible threat or promise to choose a dominated strategy. C. always has a first-mover advantage. D. has a first-mover advantage only when the second mover fails to choose the dominant strategy.
The largest group of saver-lenders in the financial system is
A) businesses. B) government. C) households. D) financial intermediaries.
Would a profit-maximizing firm sell at a price where demand is inelastic? Explain