If there are no external costs or benefits, no price or quantity regulations, no taxes or subsidies, and the good is not a public good or a common resource, then efficiency is
A) achieved when a monopoly produces the good.
B) achieved when the good is produced in a competitive market.
C) achieved when the amount of output exceeds the amount produced in a competitive market.
D) unrelated to the amount produced in a competitive market.
B
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Which of the following statements correctly describes a perfectly competitive market?
A) In a perfectly competitive market, individual sellers and buyers can influence the market price. B) All participants in a perfectly competitive market are price takers. C) Haggling and bargaining is commonly observed in a perfectly competitive market. D) Buyers in a perfectly competitive market pay different prices according to their individual demand.
If marginal physical product of labor is declining, then average physical product must also be declining
a. True b. False Indicate whether the statement is true or false
When foreigners are making more "investments" in a country than the residents of the country are making abroad, which of the following is most likely to occur?
a. Inflation. b. Rapid growth of the money supply. c. A balance of trade deficit. d. A negative net investment rate.
Which of the following examples is a property right?
a. the ability to worship and express religious ideas freely b. the right to remain silent during an interrogation by police c. the authority to transfer ownership of a car that belongs to you d. the license to drive an interstate commercial motor vehicle