A market:
A. reflects upsloping demand and downsloping supply curves.
B. entails the exchange of goods, but not services.
C. is an institution that brings together buyers and sellers.
D. always requires face-to-face contact between buyer and seller.
Answer: C. is an institution that brings together buyers and sellers.
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Compared to corporations, businesses that are proprietorships
A) are far more numerous. B) account for a larger percentage of the economy's total revenue each year. C) can raise capital more cheaply. D) All of the above are correct answers.
The International Monetary Fund, one of the Bretton Woods Institutions,
(a) was meant to provide short-term credit. (b) was meant to provide long-term credit. (c) was meant to provide both short- and long-term credit. (d) was not meant to provide credit.
If the minimum wage law sets a price floor that is below the equilibrium wage in the unskilled labor market, the minimum wage will create a shortage of unskilled labor
Indicate whether the statement is true or false
Which is assumed to be most limited in scope under a market system?
A. Freedom of choice. B. Government. C. Competition. D. Freedom of enterprise.