Market clearing is largely an unintended consequence of buyers and sellers pursuing their own self interests. Market clearing occurs Select one: a. effectively thanks to price ceilings and floors. b. effectively in the absence of any laws. c. effectively but only when people exchange goods that are equally valued. d. when prices are allowed to reflect underlying supply and demand conditions in the market. e. only if government plans all supply and demand operations.

Which of the following statements accurately describes how costs and benefits are calculated?

Elephant, inc.'s cost of goods sold for the year is $2,000,000, and the average merchandise inventory for the year is $129,000. calculate the inventory turnover ratio of the company. (round your answer to two decimal places.)

What is the relationship between marginal external cost, marginal social cost, and marginal private cost? a. marginal social cost equals marginal private cost plus marginal external cost. b. marginal private cost plus marginal social cost equals marginal external cost. c. marginal social cost plus marginal external cost equals marginal private cost. d. marginal external cost equals marginal private cost minus marginal social cost. marginal external cost a. is expressed in dollars, so it is not an opportunity cost b. is an opportunity cost borne by someone other than the producer c. is equal to two times the marginal private cost d. is a convenient economics concept that is not real