Competitive markets with no external costs or benefits and no government price ceilings, floors, taxes or subsidies ________ efficient. According to the "It's not fair if the rules aren't fair" idea of fairness, competitive markets ________ fair
A) are; are
B) are; are not
C) are not; are
D) are not; are not
A
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The Stogie Shop, a cigar store in the mall, sells hand-rolled cigars for $10.00 and machine-made cigars for $2.50 each. What is the opportunity cost of buying a hand-rolled cigar?
A) $10.00 B) 4 machine-made cigars C) $2.50 D) one-quarter of a machine-made cigar
What are some of the possible ways in which we could reduce the natural rate of unemployment?
What will be an ideal response?
The individual quantity demanded is the amount that the buyer is allowed to purchase at a given price.
Answer the following statement true (T) or false (F)
A drought causes most fruit crops to fail, decreasing the amount of available fruit. The fruitcake market would see:
A. an increase in the supply of fruitcake. B. a decrease in the supply of fruitcake. C. no change in the supply of fruitcake, but the demand would increase. D. no change in the supply of fruitcake, but the demand would decrease.