spot exchange
What will be an ideal response?
buyer and seller of an input meet, exchange, and go separate ways specialization, avoid contract costs but has a possible "hold up" problem
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For most of World War II, the United States economy temporarily operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).
According to this Application, the policies used by the European Union to support the agricultural sectors of its member countries created excess supply
This would occur if these policies set a ________ price which was ________ the market equilibrium price. A) maximum; below B) minimum; above C) maximum; above D) minimum; below
Government saving is equal to
A) net taxes. B) net taxes minus government expenditures. C) net taxes plus government expenditures. D) private savings minus government expenditures. E) the quantity of investment demanded.
If four quick oil change service companies agree to reduce the number of cars they service each month in an effort to raise the price for the service, this is an example of ________.
A) market division B) output restrictions C) bid suppression D) resale price maintenance