The term market failure refers to
a. a market that fails to allocate resources efficiently.
b. an unsuccessful advertising campaign which reduces demand.
c. ruthless competition among firms.
d. a firm that is forced out of business because of losses.
a
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Suppose this economy is currently closed. ________ is/are most likely to want open trade, and ________ is/are most likely to oppose opening the economy to trade. 
A. bike manufacturers; bike purchasers B. the government; bike purchasers C. bike manufacturers; the government D. bike purchasers; bike manufacturers
A profit-maximizing firm should employ a resource up to the point that:
a. marginal revenue product is zero. b. marginal revenue product equals marginal resource cost. c. marginal revenue product is maximized. d. marginal revenue equals marginal cost.
What did Porter call the concept where firms are typically most sensitive to the needs of their closest customers?
What will be an ideal response?
A decrease in demand would be represented by
A) the price of a good going up. B) a downward movement along the demand curve. C) an upward movement along the demand curve. D) a shift of the demand curve to the left.