A competitive market is characterized by the Question 17 options:
A. presence of at least one broker or auctioneer, so that price fixing is possible.
B. existence of many buyers and sellers, so that no one can influence the price.
C. existence of a physical location where buyers and sellers meet.
D. presence of many different goods, so that there is never a shortage of goods to buy.
B. existence of many buyers and sellers, so that no one can influence the price.
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
A measure of a country's production is its
A) general domestic production. B) gross domestic product. C) gross daily production. D) general daily product. E) gross total output.
Refer to Figure 7-4. With insurance and a third-party payer system, what is the amount of the deadweight loss?
A) $0 B) $1,500 C) $3,000 D) $9,500
The most common type of investment in human capital is
A) having more children per family. B) the migration of labor in search of better jobs. C) expanded years of schooling. D) improved health care and maintenance.