Which of the following market structures provides socially efficient outcomes?
A) Oligopoly
B) Monopoly
C) Perfect competition
D) Monopolistic competition
C
You might also like to view...
Suppose the government wants to maintain a balanced budget. To achieve this goal, when the economy falls into recession government would need to ________ taxes, which would cause aggregate demand to ________
A) increase; decrease B) decrease; increase C) decrease; decrease D) increase; increase
Which of the following items is likely to have the highest positive income elasticity of demand?
a. Bread b. Jewelry c. Soap d. A plumber's service e. Table salt
Usury laws
a. limit the use of land to the production of only certain farm goods b. establish price ceilings on interest rates c. establish price floors on interest rates d. protect consumers from the excessive market power of the large agribusinesses who dominate many farm markets e. set the parity pricing ratios
An economic theory about international trade that is based on the assumption that there are only two countries trading two goods
a. is useless, since the real world has many countries trading many goods. b. can be useful only in situations involving two countries and two goods. c. can be useful in the classroom, but is useless in the real world. d. can be useful in helping economists understand the complex world of international trade involving many countries and many goods.