"Market making"
a. is the action of bringing together high value buyers and low value sellers
b. transfers goods from their low value uses to high value uses, creating wealth
c. can not occur if the transaction costs are too high to prevent value creating transactions
d. all of the above
d
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Typically a firm's economic profit will be
A) greater than its accounting profit. B) less than its accounting profit. C) equal to its accounting profit. D) equal to its accounting profit minus its tax liability. E) equal to its accounting profit plus the market value of any unsold inventory.
A monopoly's goal using price discrimination is to increase
A) total revenue. B) marginal revenue. C) total profit. D) the per unit profit.
Products may be homogeneous or differentiated in the ________ market structure.
A. oligopolistic B. perfectly competitive C. monopolistic D. monopolistically competitive
Trade agreements help to lower barriers to trade
a. True b. False