Which of the following is an example of a market failure?
A. There are not enough tickets available to concerts of extremely popular performers and artists
B. The price of medical care has risen dramatically as a result of the introduction of sophisticated equipment and procedures
C. Successful public schools provide benefits to the students who attend them, as well as to the community as a whole including those who don't go to those public schools
D. Extensive decreases in the prices of electronic equipment resulted in large numbers of bankruptcies in the computer industry
C. Successful public schools provide benefits to the students who attend them, as well as to the community as a whole including those who don't go to those public schools
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The law of diminishing marginal utility is consistent with the consumer behavior that produces a negatively sloped demand curve.
Answer the following statement true (T) or false (F)
Which of these is a drawback of forming an internal reference group and using the group average to assess normal performance?
A. Explicit employee collusion that tends to hold down the benchmark. B. Shirking among supervisors. C. Forced distributions D. High influence cost incurred by employees
The investment demand curve will shift to the right as a result of a(n):
a. Decrease in the acquisition and maintenance cost of capital goods b. Increase in the excess productive capacity available in the industry c. Increase in taxes businesses pay to government d. Decrease in the confidence of business leaders about the economy
The optimization assumption suggests that people make
A. unpredictable decisions. B. decisions without thinking very hard. C. decisions to make themselves as well off as possible. D. irrational decisions.