A disadvantage of a market economy is:
a. basic services for all citizens are not provided
b. there is great motivation to create new goods and services
c. the economy can change direction quickly and drastically
d. citizens have the freedom to choose their employers
Ans: a. basic services for all citizens are not provided
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Suppose that the price of wheat is above its equilibrium price. You would expect to see
A) a shortage on the market that causes prices to increase further. B) an increase in quantity demanded because of the high price. C) a leftward shift of the demand curve because of the high price. D) sellers begin to lower their prices because of the surplus of wheat.
The disagreement value in a nonstrategic game is most closely associated with
a. opportunity costs b. fixed costs c. variable costs d. accounting costs
Oligopoly is a market structure in which
a. non price competition is seldom used. b. all producers are selling identical or similar products. c. there are many sellers with differentiated products. d. administered pricing is rarely practiced.
What is the opportunity cost of going from point A to point B?
