Which of the following is not an example of market failure?
a. Extreme income inequality
b. Externalities
c. Efficient equilibrium
d. Lack of competition
c
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Small-denomination certificates of deposits are
A) included in M1 and M2. B) included in M2 but not M1. C) included in M1 but not M2. D) included only in M1.
Why does a single-price monopoly produce a smaller output and charge more than the price that would prevail if the market were perfectly competitive?
What will be an ideal response?
Both the permanent-income and life-cycle hypotheses modify Keynesian consumption theory by distinguishing the effects of
A) temporary and permanent changes in disposable income. B) changes in the disposable income of upper income and lower income classes. C) changes in labor income and interest income. D) small and large changes in disposable income.
A classic early example of efficiency wages came in ________
A) Nazi Germany B) 1973 with the increase in OPEC-determined oil prices C) 1914 at the Ford Motor Company D) 1890 with the Sherman Antitrust Act