Markets are
A) a mechanism through which prices of goods and services are determined by the forces of supply and demand.
B) specific geographic locations.
C) hypothetical constructs used to analyze how people form their tastes and preferences.
D) places where people can inspect goods and services carefully.
A
You might also like to view...
If Techland's government reduces tax rates, ________
A) the economy's labor demand curve will shift to the left B) the economy's labor supply curve will shift to the left C) the economy's aggregate supply curve will shift to the left D) the economy's labor demand curve will shift to the right
The figure above shows a perfectly competitive firm. The firm is operating; that is, the firm has not shut down. The firm is
A) making an economic profit of $200. B) incurring a economic loss of $200. C) incurring an economic loss of $600. D) making zero economic profit.