Under perfect competition, the market mechanism, without any government regulation, is capable of
A. allocating resources efficiently.
B. solving equity problems.
C. making the average cost of labor equal to the average cost of all commodities.
D. making more income available to the poor.
Answer: A
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General Motors? (GM) is the largest United Statesdash-based auto manufacturing corporation. Who is the highest ranking officer at? GM?
A. Chief executive officer B. Chief operating officer C. Chief financial officer D. Chief information officer E. Chairman of the board
________ is/are the payment for the factor of production ________
A) Wages; capital B) Interest; labor C) Profit; entrepreneurship D) Rent; capital
If the exchange rate rises as shown by the arrow, the price of American exports to foreigners will be ________, and foreign nations will demand ________ dollars in order to buy ________ American exports
A) higher; fewer; fewer B) cheaper; fewer; more C) cheaper; more; more D) cheaper; fewer; fewer E) higher; more; more
The additional cost to a firm of producing one more unit of a good or service is equal to producer surplus
Indicate whether the statement is true or false