A market failure is defined as
A.) Optimal outcomes
B.) Suboptimal outcomes
C.) Ample quantities of goods and services
D.) All of the above
B.) Suboptimal outcomes
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Which type of unemployment is associated with the slump in aggregate demand that accompanies a recession?
A) structural unemployment B) cyclical unemployment C) expansionary unemployment D) frictional unemployment
The theory that regulation helps producers to maximize profit is the
A) social interest theory. B) consumer surplus theory. C) antitrust theory. D) capture theory. E) oligopoly theory of regulatory bodies.
Perfectly competitive firms are sometimes called price makers because they have significant control over product price
a. True b. False
In a competitive market economy, firms select the least-cost production technique because
What will be an ideal response?