Which of the following statements is not true about a market system?
a. The market system provides an incentive to consumers to acquire purchasing ability.
b. The market system magnifies the problem of scarcity of goods and services.
c. The market system provides an incentive for allocating resources.
d. The market system provides an incentive to improve the quality of goods produced.
e. The market system provides everything everyone wants to consume.
b
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The law of demand holds that as prices of goods decrease, people are willing to buy more.
Answer the following statement true (T) or false (F)
In a Cournot oligopoly, the ________ firms in the market, the ________ the equilibrium quantity and the ________ the equilibrium price.
A) less; larger; lower B) less; smaller; lower C) more; larger; lower D) more; smaller; higher
______ is responsible for over one-half of the gap in life expectancy between the U.S. and Canada.
a. Obesity b. Drug abuse c. Poor diet d. Alcohol consumption e. Smoking
The market equilibrium quantity:
A. is sometimes the socially optimal quantity B. is the socially optimal quantity C. maximizes total economic surplus D. is not the socially optimal quantity