Macroeconomics + Economy 2009 Update 18th Edition by Campbell McConnell, Sean Masaki Flynn,Stanley Brue

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DIAMONDS-INTERESTED IN BUYING ONE Go to the Internet auction site eBay at www.ebay.com and select the category Jewelry and Watches and then Loose Diamonds and Gemstones. How many loose diamonds are for sale at the moment Note the wide array of sizes and prices of the diamonds. In what sense is there competition among the sellers in these markets How does that competition influence prices In what sense is there competition among buyers How does that competition influence prices