Workers in a nearby pizza restaurant may indirectly enjoy income increases from a nearby construction process
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the above figure. Which point or points represent(s) a long-run equilibrium?
A) A only B) B only C) C only D) both A and B
Which of the following would be best classified as a private good?
A) a missile defense system B) police force C) radio frequency D) clothing
The exit of existing firms from a competitive market will
a. increase market supply and increase market price. b. increase market supply and decrease market price. c. decrease market supply and increase market price. d. decrease market supply and decrease market price.
Market failure occurs when
A. resources are misallocated, or allocated inefficiently. B. perfectly competitive firms produce where MR = MC. C. firms are only able to earn a normal profit. D. firms that are incurring losses leave a market.