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Questions and Answers
According to economists, what are the three magic words that determine the price of a good or service in a market?
According to economists, what are the three magic words that determine the price of a good or service in a market?
- I love you
- Life, liberty, happiness
- Liberty, equality, fraternity
- Supply, demand, price (correct)
What determines supply and demand in a market?
What determines supply and demand in a market?
- Perfect competition
- Technology and conditions (correct)
- Large number of sellers and buyers
- One seller and one buyer
In a market with a large number of virtually identical sellers and buyers, what type of competition is present?
In a market with a large number of virtually identical sellers and buyers, what type of competition is present?
- Perfect competition (correct)
- Monopolistic competition
- Oligopoly
- Monopoly
What are the three little words that captured the French Revolution?
What are the three little words that captured the French Revolution?
What are the three little words that are at the heart of the U.S. Declaration of Independence?
What are the three little words that are at the heart of the U.S. Declaration of Independence?
What are the three words that are considered the magic words by many economists?
What are the three words that are considered the magic words by many economists?
What type of market is characterized by a large number of virtually identical sellers and buyers?
What type of market is characterized by a large number of virtually identical sellers and buyers?
What determines supply and demand in a market?
What determines supply and demand in a market?
What are the three words that captured the French Revolution?
What are the three words that captured the French Revolution?
In a market transaction between a seller and a buyer, what determines the price of a good or service?
In a market transaction between a seller and a buyer, what determines the price of a good or service?
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