A market:
A. always requires face-to-face contact between buyer and seller.
B. entails the exchange of goods but not services.
C. is an institution or mechanism that brings together buyers and sellers.
D. exhibits upsloping demand and downsloping supply curves.
Answer: C
You might also like to view...
If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then demand is
a. elastic b. inelastic c. of unitary elasticity d. 0 e. inferior
A violation of the W = MRP ethic occurs when
a. different people earn different wages b. homeless people starve in the streets c. software company owners earn billions of dollars d. corporate directors earn 10 times as much as the workers on the shop floor e. women and minorities are paid less only because they are not white men
According to the economist Julian Simon:
A. Legal immigrants have a favorable impact on the welfare of American citizens, but illegal immigrants have a negative impact that almost exactly offsets the positive effect of the legal immigrants. B. Legal and illegal immigrants have a positive effect on the welfare of American citizens. C. Legal and illegal immigrants have a negative effect on the welfare of American citizens. D. Legal immigrants have a favorable impact on the welfare of American citizens, but illegal immigrants have a negative impact. However, the positive effect of the legal immigrants is stronger than the negative impact of illegal immigrants.
Suppose that a foreign monopolist supplies the entire domestic market (there is no domestic production). The home country then applies a 5% tariff on imports from the foreign monopolist. How will the tariff affect the price in the home market?
a. It will increase by more than 5%. b. It will increase by 5%. c. It will increase by less than 5%. d. It will not change.