1) What is the term in economics by which a group of buyers and sellers of a product come together to trade?

A. cooperative

B. market

C. trade-off

D. collective

2) Consider a good whose consumption takes place publicly. On what factors would your decision to buy that good depend?

A. only on the characteristics of the good itself and not on other people/s actions.

B. only on how many other people buy the good, and not on the good itself.

C. only on the price of the good, and not on other factors, such as other people's actions.

D. both on the characteristics of the product and on how many other people are buying it.

3) Why do consumers have to make tradeoffs in deciding what to consume?

A. the prices of goods vary.

B. they are limited by a budget constraint.

C. there are not enough...