Answered: arger marketplaces tend to generate…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

Problem 13QP

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Larger marketplaces tend to generate more wealth than smaller marketplaces. Why?

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The marketplace or market place refers to a location where there is a regular gathering of the people or companies for the sale and purchase of provisions, livestock, and other goods. It is an economic system that allows different companies compete with each other on selling its products. The politicians and economists across the globe often use the Gross Domestic Product (GDP) as its main yardstick for ranking and wealth of countries'.

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