If the quantity of smallpox vaccinations is determined by the market forces of demand and supply, which of the following is most likely to be true??
a. The equilibrium price and quantity will be too high for efficiency.?
b. The equilibrium quantity will be too high for efficiency.?
c. The equilibrium quantity will be too low for efficiency.?
d. The equilibrium price will be too low for efficiency.?
e. The equilibrium price and quantity will be efficient.?
Answer: c. The equilibrium quantity will be too low for efficiency.?
You might also like to view...
Of the following countries, in which one was the true marginal tax rate faced by the typical worker lowest and the average number of hours worked per week highest from 1993 through 1996?
A) Canada B) Germany C) Italy D) the United States
Which of the following would be included in inflationary expectations that are formed adaptively?
A) Money supply growth over the past two years B) Statements made by the President of the United States C) The average inflation rate over the past three years D) A recent price agreement by oil exporting nations
A few economies have the interesting characteristic that exports are more than 100 percent of the economy's GDP. How is this possible?
What will be an ideal response?
A situation in which each firm selects its best action, given what its rivals are doing, is called a
A) Nash equilibrium. B) Cooperative equilibrium. C) Stackelberg equilibrium. D) zero sum game.