A market requires
A) sellers only.
B) buyers and sellers.
C) government intervention.
D) buyers only.
B
You might also like to view...
Refer to Table 2-25. This table shows the number of labor hours required to produce a motorcycle and a guitar in Ireland and Scotland
a. Which country has an absolute advantage in the production of motorcycles? b. Which country has an absolute advantage in the production of guitars? c. What is Ireland's opportunity cost of producing one motorcycle? d. What is Scotland's opportunity cost of producing one motorcycle? e. What is Ireland's opportunity cost of producing one guitar? f. What is Scotland's opportunity cost of producing one guitar? g. If each country specializes in the production of the product in which it has a comparative advantage, which country should produce motorcycles? h. If each country specializes in the production of the product in which it has a comparative advantage, which country should produce guitars?
Producer surplus equals total revenue minus the sum of all marginal cost
What will be an ideal response?
Explain why the shape of the demand curve will determine the how a shock to the market equilibrium affect price and quantity
What will be an ideal response?
Two variables that have a positive correlation move in the same direction
a. True b. False Indicate whether the statement is true or false