Topic Market failure, Difficulty M, Type RE, Answer c Which of the following is not an example of market failure?
a. Lack of competition.
b. Externalities.
c. Equilibrium.
d. Extreme income inequality.
c
You might also like to view...
The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. If 95 units are produced, the average total cost is
A) $6.31. B) $17.45. C) $26.32. D) $32.63.
Refer to above figure. In the absence of trade, what is the country's producer surplus?
What will be an ideal response?
Historically, the most important cause of government budget deficits is
a. cutting taxes. b. printing up too much money. c. financing wars. d. electing liberal politicians. e. business cycles.
An increase in the price level in an economy will _____
a. shift the aggregate demand curve to the right b. shift the aggregate demand curve to the left c. increase the quantity of real gross domestic product (GDP) demanded d. decrease the quantity of real gross domestic product (GDP) demanded e. increase the aggregate expenditure