A market
A. may be an organized exchange.
B. refers to a set of sellers and buyers whose actions affect a commodity’s price.
C. is that area in which buyers and sellers compete to affect a product’s price.
D. All of the responses are correct.
Answer: D
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Olives are used to produce olive oil. If the price of olives increases
A) the supply of olive oil decreases. B) the supply of olive oil increases. C) the demand for olive oil decreases. D) the demand for olive oil increases.
Which of the following groups are typically harmed by unexpected inflation?
a. lenders b. borrowers c. pensioners on fixed incomes d. both (a) and (c).
Income effect of lower wages implies
a. workers prefer leisure to work. b. an increase in the productivity of labor. c. a fall in the demand for labor. d. workers would want to work more.
The "crowding-out" effect refers to the fact that
A) fiscal policy cannot be used to shift the IS curve.
B) rising interest rates tend to accompany an expansionary fiscal policy.
C) there may be a liquidity trap.
D) All of these.