Because perfectly competitive markets rarely exist in the real world, the model has limited usefulness
a. True.
b. False.
B
Economics
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If the government imposes a tax on a competitive market with no externalities, then i. resource use is not efficient. ii. there is a deadweight loss. iii. consumer surplus is at its maximum
A) ii only B) i and ii C) iii only D) i and iii E) i, ii, and iii
Economics
The supplier of your ________ is most likely a monopoly
A) shoes B) toothpaste C) textbooks D) home electricity
Economics
Why do government regulators not enforce marginal cost pricing for natural monopolies? What are the common regulatory solutions?
What will be an ideal response?
Economics
Economists Cox and Alm compared the gap between rich and poor and found that the richest 20% was about 2 times better off than the poorest 20% when they compared what data?
Economics