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On the Third Wednesday of Every Month, a Bar and Grill

question 32

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On the third Wednesday of every month, a bar and grill has a "backgammon night." The bar provides backgammon boards and pieces, and a fairly regular group of players come in, share a few drinks, and play backgammon together. What is this an example of?


Definitions:

International Trade

The exchange of goods and services between countries, driven by comparative advantages and resulting in increased global economic interaction.

Autarky Price

The price of a good within a closed economy that does not engage in trade with external entities.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.

Autarky Price

The price of a good in a country without international trade, determined solely by domestic supply and demand.

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