Market failure occurs when supply and demand curves only reflect:
a. private or market costs and benefits. b. external costs and benefits.
c. external benefits. d. external costs.
a
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A lower tariff on imported steel would most likely benefit
A) foreign producers at the expense of domestic consumers. B) domestic manufacturers of steel. C) domestic consumers of steel. D) workers in the steel industry. E) foreign consumers of steel.
The price of one good in relation to the price of another good is called:
A) absolute prices B) exchange rate C) relative prices D) none of the above
Long-run cost functions are estimated using
A) time-series regression analysis. B) cross-sectional regression analysis. C) cost accounting data. D) None of the above
The less liquid markets are the:
A. less willing people are to save, and the higher the interest rates. B. more willing people are to save and the higher the interest rates. C. less willing people are to save, and the lower the interest rates. D. more willing people are to save, and the lower the interest rates.