To be efficient, outputs should be produced that minimize total cost.
Answer the following statement true (T) or false (F)
False
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Potential buyers of older homes form their bids from imperfect estimates of a house's value. As a consequence,
a. High-value houses would remain unsold b. Low value houses would remain unsold c. Both of the houses would be sold d. All of the above
In a perfectly competitive market,
a. there can be few or many buyers and sellers b. the price is driven upward when suppliers hold back on goods and services c. each participant is too small to affect the market price d. government intervention is needed to ensure that prices are fair for consumers e. resources are allocated by a central authority
The classical economists believed in all of the following EXCEPT
A. wages and prices are flexible downward. B. insufficient aggregate demand could keep an economy in a depression for an extended period of time. C. recessions were temporary because the economy is self-correcting. D. laissez faire was the best policy a government could pursue.
Some nutritionists consider junk food or eating junk food an example of:
A. public goods. B. merit goods or activities. C. demerit goods or activities. D. positive externalities.