If each of us relied exclusively on the market to determine what to buy, we would probably end up with few, if any:
A. streetlights.
B. strawberries.
C. televisions.
D. raincoats.
Answer: A
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A total product curve shows the
A. aggregate output of many firms in an industry. B. amount of product consumers will take off the market. C. maximum amount of product that it is technically possible to produce. D. relationship between units of inputs and total output.
When positive externalities exist, the private market equilibrium represents a
A) market price which is too low and a market quantity which is too low. B) market price which is too low and a market quantity which is too high. C) market price which is too high and a market quantity which is too low. D) market price which is too high and a market quantity which is too high.
Input efficiency:
B. is not a requirement of Pareto efficiency in a production economy. C. exists when it is possible to produce more of one good and at least as much of every other good using the same inputs. D. is the same as efficient efficiency.
Which of the following is an example of a market?
a. a gas station b. a garage sale c. a barber shop d. All of the above are examples of markets.