The problem of bringing economic agents together to trade is referred to as the:
A) incentive problem.
B) coordination problem.
C) correspondence problem.
D) scarcity problem.
B
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Place point Q on the graph to indicate an unemployment rate of 100 percent, point R to indicate full employment and point S to indicate where the United States economy usually operates.
Refer to the graph shown. If hamburgers are produced by a pure monopoly that maximizes profit, the monopoly firm will:
A. earn $200 economic profit per day. B. earn $100 per day. C. go out of business. D. just cover its opportunity cost.
Which of the following expenditures are included in consumption?
A. Personal medical services. B. Police services. C. Public parks. D. Public highways.
When demand is elastic
A) changes in price and changes in total revenue move in the same direction. B) there is no relationship between changes in price and changes in total revenue. C) changes in price and changes in total revenue move in opposite directions. D) for any change in price, total revenue will not change.