What are public goods?
What will be an ideal response?
Public goods are goods or services that bestow collective benefits on members of society. Generally no one can be excluded from enjoying their benefits.
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The phenomenon which occurs when markets do not produce the most efficient outcome on their own is known as
A) market failure. B) imperfect information. C) economic certainty. D) public goods.
What four conditions define a perfectly competitive market?
What will be an ideal response?
A change in the price of a good causes
A) an increase in supply. B) a decrease in supply. C) an increase in demand and a decrease in supply. D) a change in quantity supplied.
The per se rule refers to the interpretation of the courts that dominant firms should be broken up because of their:
a. market share of dominance. b. history of illegal business practices. c. price discrimination practices. d. All of these.