Which of the Following Is Not an Example of a Market

question 15

Multiple Choice

Which of the following is not an example of a market?

• A)A small town has only one seller of electricity.
• B)In the United States,a sick person cannot legally purchase a kidney.
• C)In Florida,there are many buyers and sellers of key lime pie.
• D)The availability of Internet shopping has expanded the clothing choices for buyers who do not live near large cities.

Interpret the impact of technological advancements on supply and market equilibrium.

Evaluate market outcomes based on changes in consumer preferences and income.

Assess the implications of government actions on market prices and equilibrium.

Understand the effect of cost changes on supply and market equilibrium.

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Definitions:

Producer Surplus

The difference between the amount producers are willing to accept for a good or service versus what they actually receive.

Tax

A compulsory financial charge imposed by a government on individuals, corporations, or other entities to fund government spending and public services.

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by supply and demand.

Government Subsidy

Financial assistance provided by the government to support a specific industry, entity, or activity that is considered beneficial for the public.