Suppose you camped out in front of an electronics store to be one of the 200 lucky people able to purchase the latest gaming system. You bought the system for $350. Two weeks later you see that the same system can be sold on e-Bay for $600, so you sell your system. Your market role was as a:
A. seller in both markets.
B. consumer at the electronics store and a seller on e-Bay.
C. consumer in both markets.
D. consumer at the electronics store; the e-Bay transaction did not occur in a market.
Answer: B
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A market structure in which a small number of producers compete against each other is
A) monopolistic competition. B) oligopoly. C) monopoly. D) perfect competition.
As a competitive firm hires increasing amounts of labor, the value of marginal product of labor
A) decreases. B) increases. C) remains constant. D) decreases then increases.
Which statement is true?
A. The highest paid professional athletes earn economic rent. B. Economic rent is paid on land, but not in the form of wages. C. Economic rent is earned mainly by the poor and the lower middle class. D. Economic rent is paid in proportion to the marginal revenue product of a resource.
To find the average percentage change in quantity demanded,
A. The change in price is divided by the average price. B. The change in quantity demanded is divided by the average quantity. C. The change in quantity demanded is divided by the change in price. D. The change in price is divided by the percentage change in quantity demanded.