The Amsterdam flower market is
a. an example of an open outcry auction market
b. an example of a Dutch auction market
c. a commodity market in which bidding opens at a low price and then moves upward
d. the world's best example of a perfectly competitive market
e. a monopoly market
B
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People demand money for all of the following reasons EXCEPT
A) it generates a rate of return. B) it is a medium of exchange to make payments. C) it is a store of value. D) it can meet unplanned expenditures.
The cross-price elasticity between natural gas and heating oil is estimated to be 2.3 . The cross-price elasticity between natural gas and electricity is estimated to be -0.8
What is the relationship between natural gas and heating oil? What is the relationship between natural gas and electricity? Explain.
Revenue is equal to
A) price times quantity. B) price times quantity minus total cost. C) price times quantity minus average cost. D) price times quantity minus marginal cost. E) expenditure on production of output.
If demand and supply both increase
A) the equilibrium quantity definitely will increase and market clearing price definitely will decrease. B) the equilibrium quantity definitely will increase and market clearing price definitely will increase. C) the equilibrium quantity definitely will increase but the change in market clearing price cannot be determined without more information. D) market clearing price definitely will increase but the change in the equilibrium quantity cannot be determined without further information.