Free riders often result in
A. overallocation of resources.
B. competitive markets.
C. scarcity of time.
D. market failure.
Answer: D
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Which of the following is TRUE?
A) Economic efficiency occurs if the maximum feasible amount of output is achieved from a given quantity of inputs. B) Economic efficiency depends only on what is feasible. C) If production is technologically efficient then it must be economically efficient. D) None of the above statements are correct.
The value of fiat money is fundamentally determined by the: a. reputation of the bank that holds it
b. reputation of the person who holds it. c. value of the gold or silver for which it can be redeemed. d. value of the commodities for which it can be traded. e. value of comparable stocks and bonds.
The market's contribution to the general welfare has been its
a. stimulation of growth in productivity. b. yield of an abundance of consumers' goods. c. contribution to human longevity. d. All of the above are correct.
If a price floor is not binding, then
a. the equilibrium price is above the price floor.
b. the equilibrium price is below the price floor.
c. there will be a surplus in the market.
d. there will be a shortage in the market.