Inventories refer to
A) goods that have been planned but not yet produced.
B) goods that have been produced and sold in the same year.
C) goods which have been presold before they are produced.
D) goods that have been produced but not yet sold.
D
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The price of oranges falls. What happens in the market for apples, which are a substitute for oranges?
A) The equilibrium price falls and the equilibrium quantity rises. B) The equilibrium price rises and the equilibrium quantity falls. C) The equilibrium price and quantity rise. D) The equilibrium price and quantity fall.
Which of the following conditions define a perfectly competitive market?
a. The transaction costs are very high. b. Information is available to participants at a high cost. c. The product is homogenous. d. There are limited number of buyers and sellers.