What are the two possible causes of market failure?
Externality and market power
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Over the last 50 years,
a. how has the labor force participation rate changed? b. how have the men's and women's labor force participation rates changed?
In the long run, profit-maximizing monopolists facing a downward-sloping demand curve
A. can obtain profits greater than their opportunity costs of capital. B. can produce where average total costs are minimized C. can have a price that is the same as marginal revenue. D. All of these responses are correct.
One of the possible consequences of the expenditure schedule lying below the level of full employment GDP is
a. unemployment. b. rising prices. c. increasing production. d. decreasing inventories.
The evidence on how minimum wage laws affect the real world:
A. shows clearly that such price floors cause unemployment. B. is mixed. C. shows clearly that there is simply a transfer of surplus from employer to worker. D. None of these statements is true.