Prices play a smaller role in _____, in contrast to other modes of governance like _____ and _____
a. hierarchies; markets; contracts
b. contracts; hierarchies; markets
c. markets; hierarchies; contracts
d. etiquette; markets; contracts
A
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________ are costs that, once committed, can never be recovered and should not affect current and future production costs
A) Opportunity costs B) Marginal costs C) Sunk costs D) Variable costs
Which of the following is NOT a requirement in selecting a policy instrument?
A) measurability B) controllability C) flexibility D) predictability
Which of the following statements is true regarding perfect competition?
a. A perfectly competitive market only exists in the agricultural market. b. A perfectly competitive market is a hypothetical extreme. c. There are many examples of perfectly competitive markets in different industries. d. Perfectly competitive markets are the opposite of price takers.
Excess demand in an unregulated market will cause the price of a product to fall.
Answer the following statement true (T) or false (F)