What are the three coordination tasks that markets resolve?
What will be an ideal response?
They are (1) how to produce any given combination of goods efficiently, (2) how to select an appropriate combination of goods, and (3) how to distribute these goods and services among people.
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Alice, Bud, and Celia can produce rubber bands in a perfectly competitive market. If they enter the market, the minimum average total cost for a bundle of rubber bands, for the three of them is $2, $3, and $4, respectively
If the market price is $2.10 per bundle, then A) all three of them will enter the market. B) only Alice will enter the market. C) Alice and Bud will enter the market. D) Bud and Celia will enter the market. E) Alice and Celia will enter the market.
Allocative efficiency occurs when
a. output is produced at minimum average cost b. the marginal benefit, that consumers attach to the final unit purchased, just equals the opportunity cost of the resources employed to produce that unit. c. new firms enter a perfectly competitive market d. the marginal benefit consumers attach to products purchased is maximized e. goods and services are sold in an English style auction market
A patent gives exclusive rights to the creator for how many years?
a. 70 b. 95 c. 21 d. 25
The country that has recently been suffering from deflation is
A. the U.S. B. Japan. C. China. D. Canada.