A realtor in the real estate market is an example of
A) an end user in a shared-input market.
B) a platform in a shared-input market.
C) a platform in a matchmaking market.
D) an end user in a matchmaking market.
C
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If a person does not pay all costs associated with a particular resource-using activity, then
A) the external costs of the activity are greater than the private costs of the activity. B) the social costs of the activity are greater than the private costs of the activity. C) the external costs of the activity are greater than the internal costs of the activity. D) the full costs of the activity are the sum of private costs plus internal costs.
Assuming the market is in equilibrium in the graph shown with demand D and supply S1, consumer surplus is:
A. greater than consumer surplus when market is in equilibrium at D and S2.
B. less than consumer surplus when market is in equilibrium at D and S2.
C. the same as consumer surplus when market is in equilibrium at D and S2.
D. zero.
Some critics of capitalism argue that
a. There is too much government intervention in the economy b. Involuntary trade generates no wealth c. If one person makes money, someone else must be losing it d. Voluntary trade ensures gains for both consumers and producers
Price discrimination by a firm is
A. illegal under all circumstances. B. legal if the firm can show that the difference in the prices charged customers is justified by a difference in the costs of serving them. C. legal if the firm can show that the demand for its good is relatively elastic. D. legal under all circumstances.