Which of the following can prevent markets from reaching the efficient level of production? I. a monopoly II. taxes III. the product is a public good
A) I and II
B) II
C) II and III
D) I, II and III
D
You might also like to view...
One result of a tax, regardless of whether the tax is placed on the buyers or the sellers, is that the
a. equilibrium quantity of the good is unchanged. b. price the buyer effectively pays is lower. c. supply curve for the good shifts upward by the amount of the tax. d. tax reduces the welfare of both buyers and sellers.
Nominal GDP will definitely increase when
a. prices increase and output increases. b. prices increase and output decreases. c. prices decrease and output increases. d. All of the above are correct.
The wages of house painters will tend to rise when...
What will be an ideal response?
Suppose the manager of a restaurant notices that when she has too many waiters on the floor for a shift that the waiters get in each other's way and fewer dinners are served. This is an example of
A. diminishing marginal inputs. B. diminishing marginal workforce. C. diminishing marginal product. D. diminishing marginal utility.