Externalities tend to cause markets to be
a. inefficient.
b. unequal.
c. unnecessary.
d. overwhelmed.
a
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The labor force is defined as
A) all individuals who are at least 16 years old and are currently employed. B) all individuals who are currently employed. C) all individuals who are at least 16 years old and are employed, looking for work or not looking for work. D) all individuals who are at least 16 years old and are currently employed or unemployed.
You are participating in a reality show in which you and several other competitors have been taken to an unknown place and asked to find your way to a destination using a map . You were doing a good job until you reached a crossroad
Confused as to which way to take, you decided to take the road that most of your competitors chose. a) What is the term that is used to refer to such behavior? b) Why do people often behave in this way?
Which of the following is not a characteristic of a perfectly competitive market?
a. Different sellers sell identical products. b. There are many sellers. c. Sellers must accept the price the market determines. d. All of the above are characteristics of a perfectly competitive market.
A monopoly is a firm that:
A. is the sole producer of a good or service with many close substitutes. B. produces a good or service that is identical to many others sold in the market. C. is the sole producer of a good or service with no close substitutes. D. is the producer of a good or service with just a few large competitors.