A market in which there are neither external benefits nor external costs is inefficient.
Answer the following statement true (T) or false (F)
False
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Refer to the above figure. If the union wants to maximize the total income of its members who work, it will set wages at
A) W1. B) W2. C) W3. D) W4.
One advantage of a money system compared to a barter system is that
A. barter never works. B. money creates the need for banks. C. money is more efficient. D. everyone has money.
Technological innovation is not subject to diminishing marginal returns because: a. it can be used by workers across the economy at a low marginal cost
b. it can result in a rightward shift of the aggregate production function of an economy. c. it can result in a rightward shift of the production possibilities frontier of an economy. d. it can be used by skilled as well as unskilled workers across the economy.
What is the difference between money and wealth?