Who gains in a voluntary trade?
A) the buyer only
B) both the buyer and the seller, but the seller usually gains more
C) the seller only
D) both the buyer and the seller
D) both the buyer and the seller
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What is the opportunity cost of moving from point A to point B?
The marginal cost curve crosses
a. only the average variable cost curve at its bottom. b. both the average cost curve and the average variable cost curve at their bottoms. c. only the average cost curve at its bottom. d. the marginal product curve at its maximum.
An increase in the demand for labor will ________ wages and ________ employment
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
An international financial crisis is most often caused by
A) foreign investments and loans being withdrawn from a nation. B) a drop in the value of the U.S. dollar. C) a nation's central bank lowering domestic interest rates. D) a government refusing to pay its dues to the United Nations.