In Vernon Smith's supply and demand lab experiment:
A) Smith knew the true demand and supply curves, but the subjects did not.
B) the subjects did not know their own willingness to pay or sell.
C) it took a long time to arrive at equilibrium.
D) there were many unrealized gains from trade.
Correct Answer:
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A) the
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Q98: Use the following to answer questions:
Figure: Price
Q99: Use the following to answer questions:
Figure: Price
Q100: Use the following to answer questions:
Figure: Market
Q102: Use the following to answer questions:
Figure: Demand,
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