The issue of fairness versus efficiency arises
A. only in a command economy.
B. only in a market economy.
C. in neither a command nor a market economy.
D. in both a command and a market economy.
Answer: D
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Which of the following definitely results in a product's equilibrium price rising?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply E) an increase in the supply combined with no change in the demand
A monopoly has:
A. no competition at all. B. just a few large competitors. C. many competitors. D. no ability to set price.
An advantage of monetary policy over fiscal policy is the:
A. decisions are made by experts who are independent of political pressures. B. decisions are made by politicians, not experts in finance, banking, and monetary policy. C. decision makers are under political pressures. D. decision makers cannot change and enact policy quickly.
A firm that can sell as much as it can produce at the market price is likely operating in:
A. a perfectly competitive market. B. a monopoly C. a monopolistically competitive market. D. an oligopoly