Under socialism, no markets can operate at all
a. True
b. False
Indicate whether the statement is true or false
False
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In order for a central planner to achieve the invisible-hand type efficiency of a free market, the planner would
a. need masses of statistics. b. be required to makes enormous calculations. c. need to be able to measure a consumer's marginal utility in order to equate MU with MC. d. All of the above would be required.
A market equilibrium might not maximize total economic surplus because:
A. in a market equilibrium individuals do not exploit all opportunities for individual gain. B. in a market equilibrium individuals do not act rationally. C. efficiency is not an important social goal. D. sometimes goods entail costs and benefits that do not fall on buyers and sellers.
Which of the following examples illustrates a horizontal merger?
a. an online retailer merges with a shipping company b. a turbine manufacturer merges with a bank c. a paper product manufacturer merges with a timber producer d. a steel producer merges with another steel producer
For a previously-illegal good, decriminalization will cause
A. demand to become less elastic. B. supply to become less elastic. C. price to rise, unambiguously. D. supply to increase.