Dan missed class the day the professor covered the circular flow model. Dan asked his friend Joan to explain markets to him. Joan correctly stated that a market
A) must have many buyers and only one seller, who is willing to sell to all the buyers.
B) is only a place to purchase groceries.
C) requires a physical location for buyers and sellers to get together.
D) must include a written contract between buyers and sellers.
E) is any arrangement that brings buyers and sellers together.
E
You might also like to view...
Jones and Smith are teaching assistants. Jones can grade 20 essays or 50 problem sets a day, while Smith can grade 20 essays or 10 problem sets a day. Therefore
A) Smith sacrifices 2 graded essays for every 2 problem sets she grades. B) Smith sacrifices 10 graded essays for every 20 problem sets she grades. C) Jones sacrifices 2 graded essays for every 5 problem sets he grades. D) Both Smith and Jones have a comparative advantage in grading essays.
List and describe three different input markets
What will be an ideal response?