Market failure occurs when no individual has the ability to substantially influence market prices
a. True
b. False
Indicate whether the statement is true or false
False
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Cash distributions made by government to individuals when no good or service is received in exchange are known as __________.
a. poverty payments b. taxes c. transfer payments
Any increase in efficiency increases only profits of producers, with no increase in output
a. True b. False Indicate whether the statement is true or false
Disclosure laws:
A. are an example of how government attempts to assert control over what we eat. B. can result in information overload. C. always help solve information asymmetry, but can cause other problems. D. All of these statements are true.
If quantity supplied decreased by 10 units at each price, you would conclude that
A. demand increased.
B. demand decreased.
C. supply increased.
D. supply decreased.