Multiple Choice
In what ways does seeking a marriage partner resemble a market in microeconomic terms?
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5. Consumer and Producer Surplus; Price Ceilings and Floors
Consumer Surplus and Willingness to Pay
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Which of the following is an example of a market in which you typically act as a buyer or demander?
A
Working as a cashier at a retail store
B
Purchasing groceries at a supermarket
C
Renting out your apartment to a tenant
D
Selling a used textbook online
Verified step by step guidance1
Understand the roles in a market: a buyer (or demander) is the one who purchases goods or services, while a seller (or supplier) provides them.
Analyze each option to identify whether you are acting as a buyer or a seller:
1. Working as a cashier at a retail store means you are providing a service (selling your labor), so you are a seller in the labor market.
2. Purchasing groceries at a supermarket means you are buying goods, so you are acting as a buyer or demander in the market for groceries.
3. Renting out your apartment to a tenant means you are supplying housing, so you are a seller in the rental market.
4. Selling a used textbook online means you are selling a good, so you are a seller in the market for used books.
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