Competitive pricing
a. ensures that goods will be allocated evenly
b. ensures that goods will be allocated efficiently
c. guarantees a fair distribution of goods
d. only occurs in an oligopolistic market
e. occurs at any quantity at which the demand curve is higher than the supply
B
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Refer to the figure above. When the demand curve for flash drives is D and the supply curve of flash drives is S1, the equilibrium quantity is:
A) 10 units. B) 20 units. C) 40 units. D) 60 units.
Economists are often concerned with the free-rider problem
a. What is meant by free riding? Explain with an example. b. Are public parks subject to the free-rider problem? What about keeping city streets clean? Explain your answer.
Each firm in perfect competition:
A. follows the pricing decisions of other firms. B. follows the output of other firms. C. follows the reactions of competitors. D. sets quantity based on market price.
The single-tax movement, headed by Henry George, refers to the idea that
A. taxes on rent are less costly to administer than other taxes. B. rent is a surplus that can be taxed without distorting resource allocation. C. rent should not be taxed because it is a free gift of nature. D. rent is based on a derived demand and should not be taxed.