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Author Question: Which of the following is TRUE regarding markets? I) Economists define a market as a geographic ... (Read 13 times)

jman1234

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on: Jun 29, 2018
Which of the following is TRUE regarding markets?
 
  I) Economists define a market as a geographic location where trade occurs.
  II) A market enables buyers and sellers to get information about each other and to buy and sell from each other.
  III) Markets coordinate decisions through prices.
  A) I only
  B) I and III
  C) II and III
  D) I, II and III

Question 2

Refer to the figure above. What is the price effect of a price increase from 3 to 5?
 
  A) 200
  B) 400
  C) 800
  D) 1,000


onowka

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

C


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