Markets tend to
A) exist primarily in towns or cities.
B) increase transaction costs.
C) reduce transaction costs.
D) make exchange more difficult.
Answer: C
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The Laffer curve expresses a relationship between:
a. tax rates and tax revenues. b. inflation and unemployment. c. interest rates and saving. d. money supply and the price level.
An industry with a concentration ratio of 60 would have at least ____ firms.
A. 2 B. 4 C. 5 D. 7
The least amount of money that a player will accept to play for a team is called the player's
A. marginal revenue product. B. minimum wage. C. reservation wage. D. average compensation.
For the recessions in the United States since the 1950s
A) cyclical unemployment has been nonexistent. B) unemployment rises on average by about 1.2 percentage points during the 12 months after a recession begins. C) unemployment falls on average by 2 percentage points during the 12 months after a recession begins. D) unemployment rises on average about 5 percentage points during the 12 months after a recession begins.