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What is a market failure? A.It refers to the inability of the market to allocate resources efficiently up to the point where marginal social benefit equals marginal social cost. B.It refers to the inability of the market to allocate resources efficiently up to the point where marginal social benefit equals marginal private cost. C.It refers to a situation where an entire sector of the economy (for example, the airline industry) collapses because of some unforeseen event. D.It refers to a breakdown in a market economy because of widespread corruption in government.
The Federal Reserve Board under the direction of Janet Yellen is keeping interest rates at amazingly low levels. What are the benefits and consequences of taking on such action? Include in your answer issues as interest rate stimulus, inflation, mone..
A firm’s total cost of producing 50 units of output is $1,000. At this output level, average fixed costs are equal to $10. It follows that the firm’s average variable costs are equal to? To maximize profits, a price-taking (i.e., competitive) firm sh..
If total product is decreasing, marginal product is
Assume that the substitution effect is large relative to the income effect. If a tax reform is designed to increase saving, what does it do to the interest rate and spending on capital goods?
Farmer Bogus is selling his product in a purely competitive market. His output is 600 bushels which sell for $2 per bushel. At this level of output, marginal cost is $2, average total cost is $7, and average variable cost is $6. Farmer Bogus should p..
If Congress took steps to consolidate banks, thereby reducing total number to 2500, what would you expect to happen to costs within banking industry.
Illustrate what implications would increasing worker protections have upon the ability of American companies to compete globally.
In general, illustrate what happens to the level of consumer surplus as the price of a good falls.
If this is a two-good, two nation model, what would Nation B’s best choice in regards to trade and specialization?
US national health expenditure was $7,026 per person in 2006 and $4,790 in 2000. The Consumer Price Index had a value of 201.6 in 2006 and a value of 172.2 in 2000. Adjusted for inflation, how much was spending in 2000? Why has the share of healthcar..
He explains that the firm that has come up with the idea decided to start the coffee push cart in either Cleveland, Ohio, or Houston.
A no production economy has 2 consumers (A and B) who each consume two different goods (x and y). Person A is endowed with (120,270) and has a utility function Ua(Xa,Ya)=X^(2/3)Y^(1/3) . Person B is endowed with (480,180) and has a utility function U..
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