Which of the following is the best definition of a spot market?
a. A market in which a good is bought or sold with the idea that the price will increase in the future
b. A market in which a good is bought or sold with the hope that the price will decrease in the future
c. A market in which prices do not fluctuate up or down very easily
d. A market in which a good is bought or sold for immediate delivery or consumption
e. A market in which the good being traded is used to remove spots on clothes
D
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A good with a vertical demand curve has a price elasticity of demand that ________
A) is equal to 1 B) is equal to infinite C) is equal to zero D) varies between 0 and 1
Your boss gives you an increase in the number of dollars you earn per hour. This increase in pay makes
a. your nominal wage increase. If your nominal wage rose by a greater percentage than the price level, then your real wage also increased. b. your nominal wage increase. If your nominal wage rose by a greater percentage than the price level, then your real wage decreased. c. your real wage increase. If your real wage rose by a greater percentage than the price level, then your nominal wage also increased. d. your real wage decrease. If your real wage rose by a greater percentage than the price level, then your nominal wage decreased.