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May 18th, 2015
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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.

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(Top Tutor) Daniel C.
School: New York University

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May 18th, 2015
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