In a Free Market When There Are Unexploited Gains from Trade

question 94

Multiple Choice

In a free market when there are unexploited gains from trade:

• A) the market is slow to adjust to this situation.
• B) there are sellers who are unwilling to sell at prices buyers are willing to pay.
• C) there are buyers who are willing to pay more for goods than sellers are asking.
• D) an equilibrium price and quantity have been reached.

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Definitions:

Wealth Inequality

The unequal distribution of assets among residents of a country, leading to significant differences in wealth across individuals and families.

Racial Disparities

Differences that disproportionately affect individuals of certain races, particularly in areas such as health, imprisonment, education, and employment.

Thomas M. Shapiro

An American sociologist recognized for his work on racial inequality and economic disparity.

Climatic Adaptations

The changes in species or populations that allow them to survive in new or changing environmental conditions related to climate.