Failure of market outcomes can occur even when the market is functioning properly.
Answer the following statement true (T) or false (F)
True
Failure of market outcomes means that the market is not achieving society's goals.
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When the economy is in short-run equilibrium, there will be ________ output gap.
A. only a recessionary B. no C. either a recessionary or an expansionary D. only an expansionary
The difference between the total amount that producers would have been willing to accept for the total quantity produced in a market and what they actually received at the market clearing price is called
A) production excess. B) excess demand. C) market surplus. D) producer surplus.
A monopolistically competitive firm may earn above normal profits or may incur losses in the short run
a. True b. False Indicate whether the statement is true or false
Speculators play a role in the economy similar to that played by
a. farmers. b. investment banks. c. insurance companies. d. stockbrokers.