The standard method of determining fair market value is called the comparable sales method

The price of a good will tend to fall if

a. there is an excess demand of the good b. demand and supply of the good are the same c. there is an excess supply of the good d. the price is below the equilibrium price e. the price is near the equilibrium price

The textbook defines a "well-organized" market as a market in which

A) all information available to sellers and buyers is also available to other parties to exchange transactions.
B) bids and offers of buyers and sellers are brought together to establish a single price over a wide area.
C) the government regulates maximum and minimum prices.
D) the terms of exchange between buyers and sellers are controlled by a professional marketing association.