In the definition of a market, economists consider:
A. actions by third parties that do not include buyers or sellers in the market.
B. both actual and potential interactions between buyers and sellers.
C. neither actual nor potential interactions between buyers and sellers.
D. only actual interactions between buyers and sellers, not potential interactions.
B. both actual and potential interactions between buyers and sellers.
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Two duopoly firms that sell an identical good form a cartel. They decide to collude and fix the price of their good. In this prisoners' dilemma type situation, the likely outcome is
A) both will cheat. B) neither one will cheat. C) only one will cheat. D) It is impossible to say.
Refer to Table 2.3. Assume that 2010 is the base year. The GDP deflator for 2013 is
A) 67.1. B) 84.5. C) 100.0. D) 118.3.
Since the late 1970s, economic growth has
a. occurred at a rapid pace compared to the period 1950-1973 b. improved living standards across the entire population c. maintained approximately constant living standards across the entire population d. improved the living standards of less-skilled workers while highly skilled workers have become worse off e. improved the living standards of highly skilled workers while less-skilled workers have become worse off
Capital flight is a barrier to economic growth in developing countries.
Answer the following statement true (T) or false (F)