The term market always refers to
a. an arrangement in which an auctioneer plays at least a limited role in setting prices.
b. an arrangement in which buyers and sellers meet at a specific time and place.
c. a group of buyers and sellers of a particular good or service.
d. a single buyer and seller of a particular good or service.
The answer is c. a group of buyers and sellers of a particular good or service.
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If price equals 0, then consumer surplus
a. is 0 b. is maximized c. is price times quantity d. is equal to marginal utility e. cannot be determined
_________________—a term referring to the process whereby an economy as a whole turns economic inputs such as human capital, physical capital, and technology into output measured as GDP per capita.
a. production function b. aggregate production function c. innovation d. technological change