The equilibrium price and quantity in a free market usually reflect private marginal costs and benefits, not social ones
a. True
b. False
A
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Scarcity arises because
A) resources are finite and are inadequate to meet all human wants. B) production of goods and services is always slow. C) companies are slow to explore for new resources. D) a large number of people live in poverty.
Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can complete an oil change in 30 minutes and she can write a poem in 90 minutes. Jake's opportunity cost of writing a poem is lower than Ming-la's opportunity cost of writing a poem
a. True b. False Indicate whether the statement is true or false
Private property rights are essential to market economies.
Answer the following statement true (T) or false (F)
Under monopsony, marginal factor cost is
A) equal to the wage rate. B) below the wage rate but increases as more workers are hired. C) greater than the wage rate. D) downward sloping.