Examlex

Solved

If the Identical Product Can Be Sold in Two Different

question 9

Multiple Choice

If the identical product can be sold in two different markets, and there are no restrictions on its sale or transportation costs of moving the product between markets, the product's price should be the same in both markets. This is called ________.


Definitions:

Mixed Economy

An economic system combining elements of both capitalism and socialism, with some sectors privately owned and others controlled by the government.

Economy

The system by which goods and services are produced, distributed, and consumed within a particular country or region.

Particular Society

A specific group of people characterized by distinct social institutions, traditions, and cultural practices.

Learned

Pertains to knowledge or skills acquired through study, experience, or teaching.

Related Questions