Economists suggest that a market can fail if
A. no market for the product exists.
B. governments dictate prices.
C. producers get smaller profits than they desire.
D. consumers have to pay more than they want to.
Answer: A
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A concentration ratio gives
A) the average size of the firms in an industry. B) the total sales of four or eight of the mid-sized firms in the industry. C) the percentage of all sales contributed by the four or eight largest firms in the industry. D) the sales of the four largest firms in the industry divided by the sales of the eight largest firms in the industry.
The unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed equals:
a. 11 percent b. 14.4 percent. c. 16.8 percent. d. 10.2 percent.
Marginal utility is defined as the
a. average amount of satisfaction gained from consuming a good b. total amount of satisfaction gained from consuming a good c. additional satisfaction gained from consuming one more unit of a good d. total amount of satisfaction gained from consuming a product divided by the number of goods consumed e. total amount of satisfaction gained from consuming a good times the number of goods consumed
In the year _______ the stock market crashed, while the economy went into a major economic decline which lasted until the year ________.
Fill in the blank(s) with the appropriate word(s).