It Is Appropriate to Use the Supply-And Demand-Model If,in a Market

question 21

Multiple Choice

It is appropriate to use the supply-and demand-model if,in a market,

• A) everyone is a price taker with full information about the price and quality of the good.
• B) firms sell identical products.
• C) costs of trading are low.
• D) All of the above.

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Definitions:

Washing

Typically refers to cleaning something by immersing and agitating it in water or another liquid.

Conditional Contract

An agreement that becomes enforceable only after certain conditions are met or fulfilled.

Condition Precedent

In a contract, an event that must occur in order for a party’s duty to arise.

Math

is a field of study concerned with the investigation of patterns, quantities, and spatial relationships through the use of numbers and symbols.