Economists generally believe that, although there may be advantages to society from ticket-scalping, the costs to society of this activity outweigh the benefits
a. True
b. False
Indicate whether the statement is true or false
False
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According to the Application, the market price of meteorites varies from a few dollars per gram to hundreds of dollars per gram. In a market system like the market for meteorites, prices vary due to
A) government intervention in the pricing of the products. B) outsourcing. C) the lack of accounting rules in this market. D) the relative scarcity, or rarity, of the product.
If the government restricts the selling of corn so that the quantity is less than the equilibrium quantity, then the policy I. creates a deadweight loss. II. decreases total surplus
A) Only I is correct. B) Only II is correct. C) Both I and II are correct. D) Neither I nor II is correct.
A strategy is dominant if:
A. it is one of several best responses for a player, regardless of other players' choices. B. it is a player's only best response, given a particular choice of the other players. C. it is independent of other players' choices. D. it is a player's only best response, regardless of other players' choices.
Government may make it possible
A) to create a network externality. B) to find 'winners' in the stock market. C) for a firm to become a monopoly. D) all of these choices.