1. If the market price of a good is more thanthe opportunity cost of producing it, a. the market price of the product willincrease in the long run. b. producers will increase supply in thelong run. c. resources will flow away fromproduction of the good, causing supply to decline with the passage of time. d. the situation will remain unchanged aslong as supply and demand remain in balance.2. Whogains in a voluntary trade?a.thebuyer onlyb.theseller onlyc.both thebuyer and the sellerd.both thebuyer and the seller, but the seller usually gains more3. Economic progressa. reflects that people are achieving higher income levelsand living standards.b. requires that individuals work longer hours.c. indicates that scarcity is no longer a problem.d. indicates income levels are higher even thoughenvironmental and health conditions have worsened.
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