To understand how the price of a good is determined in a free market, one must account for the desires of:
A. sellers.
B. buyers.
C. governmental agencies.
D. buyers and sellers.
Answer: D
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A cartel is
A. a group of consumers that bid against each other for the same product. B. an arbitrator to settle disputes between consumers and producers. C. a government agency that regulates markets. D. a group of producers that agree to set common prices and output quotas.
In the long-run production function, all of the inputs to the production process are allowed to vary
Indicate whether the statement is true or false
When gold prices become more volatile, the ________ curve for gold shifts to the ________; ________ the price of gold
A) supply; right; increasing B) supply; left; increasing C) demand; right; decreasing D) demand; left; decreasing
In the above figure, the production of 25 guitars and 25 ukuleles is
A) efficient production. B) inefficient production. C) impossible production. D) not possible since production always occurs along the PPC.