Factors that impede the attainment of economic efficiency in the public sector are called:
A. market failures.
B. externalities.
C. government failures.
D. voting irregularities.
Answer: C
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A supply schedule is a table that reports:
A) the expected excess supply in the market at different prices. B) the profits earned by producers at different levels of production. C) the different quantities of a good that producers are willing to sell at different prices. D) the different quantities of a good that producers are willing to sell at different income levels.
In game theory, we usually assume that all players
A) act rationally. B) use the information available to them to decide on a best strategy. C) know about the payoffs of the other players. D) All of the above.
Which of the following is true about the relationships among various cost curves?
a. When MC exceeds ATC, ATC must be rising. b. When MC exceeds ATC, ATC could be rising or falling. c. When ATC is falling, MC must exceed ATC. d. When TC is rising, MC must exceed TC. e. TC falls when AFC falls.
Monopolistic competition has at least one similarity to perfect competition: firms are free to enter and leave the industry
a. True b. False Indicate whether the statement is true or false