A ticket to an Eric Clapton concert costs $45 . If you have a ticket, you can "scalp" it (sell it illegally) for $75 . To a ticket holder, the opportunity cost of actually attending the concert is

In perfectly competitive markets, products are ______ and sellers are ______.

a. homogeneous; price takers b. homogeneous; price searchers c. substantially different; price takers d. substantially different; price searchers

Domestic producers prefer quotas to tariffs because quotas raise the price of imports and tariffs do not.

Answer the following statement true (T) or false (F)