An efficient market is a market in which
A. profit opportunities are eliminated almost instantaneously.
B. profits are always very high and persistent.
C. everyone always gets what they want.
D. opportunity costs are zero.
Answer: A
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Federal government expenditures, as a percentage of GDP
A) rose from 1950 to 1991, fell from 1992 to 2001, and have risen from 2001 to the present. B) rose from 1950 to 1980, fell from 1981 to 2001, and have risen from 2001 to the present. C) have fallen since the early 1950s to the present. D) have risen since the early 1950s to the present. E) rose from 1950 to 2001 and then fell from 2001 to the present.
Microeconomics is the branch of economics that deals with which of the following topics?
A) The behavior of individual consumers B) Unemployment and interest rates C) The behavior of individual firms and investors D) B and C E) A and C
Major U.S. exports include automobiles and aircraft
Indicate whether the statement is true or false
What happened in the banking industry with the introduction of ATMs which had a higher MP/P than for the substitute resource of human tellers?
A. Human tellers replaced many ATMs because people did not want to use ATMs B. ATMs replaced many human tellers because it reduced banks' costs C. More of both ATMs and human tellers were used because banks were more productive D. Less of both ATMs and human tellers were used because banks did not know how to use the new technology