According to most economists, the development of markets is:

A. both a necessary and a sufficient condition for development.
B. a sufficient condition for development but not a necessary condition.
C. a necessary condition for development but not a sufficient condition.
D. neither a necessary nor a sufficient condition for development.


Answer: C

Economics

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The outcome of the Stackelberg model is

A) a Nash equilibrium. B) the same as the Cournot outcome. C) that the follower earns zero profit. D) that the follower cannot be on its best-response curve.

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Farmers can choose to produce eggs or milk. If there is an increase in the price of milk then what will be the effect in the egg market?

a. The quantity of eggs demanded will increase. b. Egg demand will decrease. c. Egg supply will increase. d. Egg supply will decrease.

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When exchange rates are fixed and the foreign nation's interest rate increases, what happens next?

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The market for corn in Kansas is considered to be competitive. This means there are ________ buyers and ________ sellers of corn in Kansas.

Fill in the blank(s) with the appropriate word(s).

Economics