"Market making"
a. is the action of bringing together high value buyers and low value sellers
b. transfers goods from their low value uses to high value uses, creating wealth
c. can not occur if the transaction costs are too high to prevent value creating transactions
d. all of the above
d
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Your boss gives you an increase in the number of dollars you earn per hour. This increase in pay makes
a. your nominal wage increase. If your nominal wage rose by a greater percentage than the price level, then your real wage also increased. b. your nominal wage increase. If your nominal wage rose by a greater percentage than the price level, then your real wage decreased. c. your real wage increase. If your real wage rose by a greater percentage than the price level, then your nominal wage also increased. d. your real wage decrease. If your real wage rose by a greater percentage than the price level, then your nominal wage decreased.
The law of increasing additional cost occurs when
A) there are always shortages in some goods. B) technology is not used. C) resources are not perfectly adaptable for alternative uses. D) there are always alternatives and it is costly to figure out which alternative is best.