please do not bid if you can't do

May 18th, 2015
Business Finance
Price: $5 USD

Question description

1.  If the market price of a good is more than the opportunity cost of producing it,

a. the market price of the product will increase in the long run.

b. producers will increase supply in the long run.

c. resources will flow away from production of the good, causing supply to decline with the passage of time.

d. the situation will remain unchanged as long as supply and demand remain in balance.

2.  Who gains in a voluntary trade?

a. the buyer only

b. the seller only

c. both the buyer and the seller

d. both the buyer and the seller, but the seller usually gains more

3.  Economic progress

a. reflects that people are achieving higher income levels and living standards.

b. requires that individuals work longer hours.

c. indicates that scarcity is no longer a problem.

d. indicates income levels are higher even though environmental and health conditions have worsened.

Tutor Answer

(Top Tutor) Bilal Mursaleen
School: Cornell University

Studypool has helped 1,244,100 students

Review from student
" Goes above and beyond expectations ! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1829 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors