The term market refers to the:
A. location where buyers go to fulfill their wants and needs.
B. physical or virtual place of exchange.
C. physical location where buyers and sellers meet to exchange goods for money.
D. buyers and sellers who trade a particular good or service, not to a physical location.
Answer: D
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What is the marginal cost of producing the third unit?
a. $100 b. $200 c. $300 d. $400
The purchasing power of the dollar
A) varies directly with the purchasing power of other major currencies such as the euro and the Japanese yen. B) varies inversely with the price level. C) varies directly with the price level. D) varies directly with the price of gold.
Which of the following statements regarding the trucking industry is correct?
A) The recession of 2007 -2009 caused many trucking firms to exit with many firms filing for bankruptcy. B) The trucking industry most closely resembles an oligopoly. C) Even though there is a high degree of competition, firms in the trucking industry are able to sustain positive economic profits as a result of a substantial degree of product differentiation. D) The trucking industry was largely unaffected by the recession of 2007-2009 mainly because the industry is comprised by large firms with significant market power.
Will depletable resources such as oil, coal, and aluminum be exhausted if their prices are left to the market?
What will be an ideal response?