Any place where factors of production are bought and sold is a:
A. Private-goods market.
B. Stock market.
C. Product market.
D. Factor market.
Answer: D. Factor market.
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The quantity theory of money implies that the price level will be stable (no inflation or deflation) when the growth rate of the money supply equals
A) 0. B) the growth rate of real GDP. C) the growth rate of the velocity of money. D) the growth rate of the price level.
In general terms describe trends in the inflation rate, considering the period since 1953 . How are these trends related to movements in the inflation rate over this period?
What will be an ideal response?
A theory
A. is usually based on a set of value judgments. B. cannot be tested. C. is a possible explanation for a natural phenomenon. D. always fits with real-world data.
Suppose that the profit maximizing level of output for the monopolist is 100 units, and ATC = $45.00; MC = $35.00; MR = $35.00; P = $45.00. What is the monopoly's profit?
A) -$1000 B) $4500 C) $0 D) $3500