Suppose the market for cement is such that the government does not interfere in price determination but plays an important role in the provision of property rights
While there are a large number of buyers and sellers, everyone conducts transactions at a common market price. Which of the following statements is true about the structure of the cement market?
A) The cement market is government regulated.
B) All participants in the cement market are price makers.
C) All transactions in the cement market are likely to be involuntary.
D) The cement market is free and competitive.
D
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Because of a sharp increase in the price of gasoline, the demand for Sports Utility vehicles (SUVs) has decreased. So, the high price of gasoline leads to a
A) leftward shift of the demand curve for SUVs and the supply curve of SUVs. B) leftward shift of the demand curve for SUVs and no shift in the supply curve of SUVs. C) leftward shift of the demand curve for SUVs and a rightward shift of the supply curve of SUVs. D) leftward shift of the supply curve of SUVs and no shift in the demand curve for SUVs. E) rightward shift of the supply curve of SUVs and no shift in the demand curve for SUVs.
Compared to the United States, the income distribution in other major industrial nations tends to be
a. more concentrated b. less concentrated c. similar d. impossible to calculate e. not comparable because tax structures differ among countries