The supply-and-demand model may not be appropriate in markets with large transaction costs
What will be an ideal response?
True. If the costs of finding a trading partner are high, no trades may occur, or trades may occur at a variety of prices.
Economics
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A black market is also known as a(n) ________ economy
A) open B) closed C) underground D) emerging
Economics
If the production of a good gives rise to negative externalities, ________
A) the fixed cost of production is zero B) the variable cost of production is zero C) the private cost of production exceeds the social cost of production D) the social cost of production exceeds the private cost of production
Economics