Astandard is a: a. level of quality or performance that people accept as normal. b. a document with specific rules and regulations. c. set unit of measurement for a particular purpose. d. normal way of addressing business letters.

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.