Which of the following statements about markets is true?
a. Markets reduce the opportunity costs of making exchanges.
b. Markets expand the range of buyers and sellers available as counterparties.
c. Markets increase the transaction costs of making exchanges.
d. Markets increase the costs of information.
Question 2
Graphically, a firm's total cost is equal to the area of the:
a. triangle formed under the demand curve.
b. rectangle formed under the demand curve at a given price and quantity combination.
c. rectangle formed under the average-total-cost curve at a given ATC and quantity combination.
d. triangle formed by a line segment between the demand and average-total-cost curves.
e. triangle formed by a line segment between the horizontal axis and the average-total-cost curves.
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