Greatest availability of a service to those who need it least is called
a. market system
b. public provision
c. adverse selection
d. non-exclusion
e. none of the above
C
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The four largest firms in an industry account for the following value of industry revenues: 12 percent, 8 percent, 5 percent and 4 percent. Calculate the four-firm concentration ratio. Would this industry be regarded as competitive or concentrated?
What will be an ideal response?
If the government wants to decrease the quantity consumed of cigarettes 20%, what percentage of tax would they have to levy on cigarette consumption?
a. 20% b. 30% c. 40% d. 50%
Food retailers usually do not compete on which of the following factors?
a. Price b. Variety c. Location d. Packaging
The Keynesian perspective focuses on the demand-side of the economy;
What will be an ideal response?