Situations in which the assumption of efficient, competitive markets fails to hold are called:
A. market failures.
B. market interventions.
C. inelastic-response markets.
D. missing markets.
Answer: A
You might also like to view...
After an NFL team wins a Super Bowl the next year the tickets are much harder to find and more expensive. This is caused by a(n)
A. decrease in demand but the supply remaining the same. B. increase in demand but the supply remaining the same. C. increase in supply but the demand remaining the same. D. decrease in supply but the demand remaining the same.
Consumer surplus measures the value between the price consumers are willing to pay and the:
a. producer surplus price. b. deadweight gain price. c. actual price paid. d. preference price.
Price floors are sometimes called price supports because they prevent a price from falling below a certain level
a. True b. False Indicate whether the statement is true or false
The firm's long-run supply curve begins at an output of
A. 0.
B. 40.
C. 45.
D. 50.