A situation in which a market economy leads to too few or too many resources going to a particular economic activity is known as
A) competition.
B) excessive competition.
C) destructive competition.
D) a market failure.
Answer: D
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Assume that the supply curve for a commodity shifts to the left and the demand curve shifts to the right, both by the same degree. Then, in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and the same quantity. B) the same price and quantity. C) a lower price and quantity. D) a higher price and the same quantity.
If the United States and Canada trade hydro-powered electricity for Hollywood films, what type of trade does this represent?
What will be an ideal response?
The statement "It is better to suffer a little more unemployment than a little lower price" is an example of normative economic analysis
a. True b. False Indicate whether the statement is true or false
Critics argue that concern about labor practices in other countries is often used to justify protectionism. Is this a reasonable criticism? Explain
What will be an ideal response?