In a pure market economy,
A. there is no role for government.
B. government intervention might be needed.
C. large markets where people meet to buy and sell are required.
D. all of these answer options are correct.
B. government intervention might be needed.
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The market produces too few public goods because:
A.) The link between payment and consumption is broken. B.) They must be paid for by wealthy individuals. C.) Only the government can produce public goods. D.) The market distributes goods to those with the most money.
A temporary decrease in the price of oil would be considered a:
A. long-run supply shock. B. demand shock. C. short-run supply shock. D. The changing price of oil would not affect any of these.
The marginal utility from consuming the second ice cream cone is
a. the extra satisfaction you get from consuming the second ice cream cone. b. the extra satisfaction you get from consuming the first ice cream cone. c. the total satisfaction you get from consuming both ice cream cones. d. none of the above.
The PPI is the
A) price parity index. B) prime producer index. C) producer price index. D) production performance indicator.