In a market characterized by many sellers, if an outsider devises a way to reduce transaction costs it will:
a. benefit both buyers and sellers.
b. cause both buyers and sellers to lose.
c. benefit the buyers but cause the sellers to lose.
d. benefit the sellers but cause the buyers to lose.
A
Economics
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Farmer Jones bought seed and fertilizer for $100. He grew wheat that he sold to the Acme Bread Company for $200. Acme Bread produced and sold bread to the ABC Grocery Store for $250. Consumers bought the bread from the grocery for $350. How much was added to the GDP? A) $600 B) $800 C) $350 D) $700
Economics
An individual who is a risk lover
a. values a lottery at more than its expected value b. values a lottery at exactly its expected value c. values a lottery at less than its expected value d. tends to play lots of lotteries
Economics