In a competitive market, the price of a product（）
A. is determined by buyers, and the quantity of the product produced is determined by sellers
B. is determined by sellers, and the quantity of the product produced is determined by buyers
C. and the quantity of the product produced are both determined by sellers
D. None of these answers is correct
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You have driven 800 miles on a vacation and then you notice that you are only 15 miles from an attraction you hadn’t known about, but would really like to see. In computing the opportunity cost of vis
A. both the cost of driving the first 800 miles and the next 15 miles
B. the cost of driving the first 800 miles, but not the cost of driving the next 15 miles
C. the cost of driving the next 15 miles, but not the cost of driving the first 800 miles
D. neither the cost of driving the first 800 miles nor the cost of driving the next 15 miles
Which of the following statements is correct（）
A. Buyers determine supply, and sellers determine demand
Buyers determine demand, and sellers determine supply
C. Buyers determine both demand and supply
D. Sellers determine both demand and supply
The highest form of competition is called（）
A. arbitrage
B. monopolistic competition
C. equilibrium
D. perfect competition
In a market economy, supply and demand determine（）
A. both the quantity of each good produced and the price at which it is sold
B. tthe quantity of each good produced but not the price at which it is sold
C. the price at which each good is sold but not the quantity of each good produced
D. neither the quantity of each good produced nor the price at which it is sold
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