In the presence of positive externalities, the market will choose a price that is __________ and produce a quantity that is __________ than the socially optimal price and quantity
a. higher; lower
b. lower; lower
c. higher; higher
d. lower; higher
e. impossible to know without more information about market demand and supply
A
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If the four-firm concentration ratio for the market for pizza is 28 percent, then this industry is best characterized as
A) a monopoly. B) monopolistic competition. C) an oligopoly. D) perfect competition. E) oligopolistic competition.
A government-imposed restriction on the quantity of a specific good that may be imported to and sold in the United States is called a
A) tariff system. B) quota system. C) reverse-trade system. D) union trade system.
The derived demand for borrowed funds has the characteristic negative slope of any demand curve.
Answer the following statement true (T) or false (F)
Two goods that are used in place of each other. when price of a subsitute good rises, the quantity demanded falls and the demand for the related good goes up
What will be an ideal response?