Which of the following are considered market failures?
A. Monopoly.
B. Externalities.
C. The lack of public goods and services.
D. All of the choices are considered market failures.
D. All of the choices are considered market failures.
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Which of the following is not cited as a reason for a firm to pursue a group pricing strategy?
A) To minimize its total costs of production. B) To increase its total profit. C) To attract and lock in additional customers. D) To create network externalities.
Suppose you are analyzing data for an economy in which Ricardian neutrality holds true. What happens if the budget deficit increases by 50?
a. Investments will increase by 50. b. Investments will decrease by 50. c. Private savings will decrease by 50. d. Private savings will increase by 50.
In numerous experiments, researchers have found that if a Proposer and a Responder are asked to split a fixed sum on money in the ultimatum bargaining game, the Proposer will, on average, offer the Responder:
A. nothing. B. less than would be predicted by standard economic theory. C. more than would be predicted by standard economic theory. D. exactly the amount that would be predicted by economic theory.
Supply is defined as _______________________________________________.
Fill in the blank(s) with the appropriate word(s).