The word futures, as used in commodity markets, refers to
What will be an ideal response?
contracts to deliver (or accept delivery of) goods in the future at prices agreed upon now.
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The reason computers have not yet replaced trading floors can be attributed to
A) lack of sellers. B) lack of buyers. C) lack of liquidity. D) lack of technology.
Refer to the information below. If the firms compete, what is the equilibrium quantity in the market?
A small nation has three gasoline suppliers with a linear monthly market demand equal to: Q = 500,000 - 5P. Each firm's marginal cost (MC) and average total cost (ATC) curves are horizontal at $10,000 per month. A) 45,000 B) 500,000 C) 450,000 D) 50,000
There are many industries in the United States where only a few firms compete. These industries
a. have low Herfindahl-Hirschman Indexes b. are considered to be oligopolies c. are considered to be monopolistically competitive d. have four-firm concentration ratios that approach zero e. all practice price leadership
The specificity rule implies that changing property rights as a way to correct externalities is preferred to the use of government taxes and subsidies.
Answer the following statement true (T) or false (F)