A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. If the market maker makes three transactions, what is his total profit?

If a good or service is sold in a competitive market free of government regulation, then the price of the good or service adjusts to balance supply and demand

a. True b. False Indicate whether the statement is true or false

Price is the rationing mechanism in a free, competitive market

a. True b. False Indicate whether the statement is true or false