Highest willingness to pay, Macroeconomics

Assignment Help:

Since anyone is able to obtain a license, not necessarily the low cost suppliers of archery lessons, and it is not necessarily the individuals with the highest willingness to pay who are able to receive a lesson, what does it imply about the efficiency of the larger economy to which the market for archery lessons belongs?

a. the economy is efficient in consumption, production and output levels

b. the economy is not efficient in consumption, production and output levels

c. the quota prevents the market price from acting as an economic signal

d. Price will act as an economic signal, drawing in more archery instructors.


Related Discussions:- Highest willingness to pay

Sons college education, On the day his son was born, a father decided to es...

On the day his son was born, a father decided to establish a fund for his son's college education. The father wants the son to be able to withdraw $4000 from the fund on his 18th b

Describe the short run effect of the supply shock, Question : The long-...

Question : The long-run position of an economy is described by the quantity theory of money: M/P = L (Y, r) Where M: nominal money stock; P: price level; Y: real income a

Develop what you believe is a terrific idea, To develop what you believe is...

To develop what you believe is a terrific idea for a video game, you lease 50,000 square feet in an office building from Commercial Property, LLC, under a written five-year lease.

Determine the real rate of return on investment, A) Suppose Jean Splicer, a...

A) Suppose Jean Splicer, an investor, buys $300,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $315,000. Assume

Pine village needs some additional recreation fields, Pine Village needs so...

Pine Village needs some additional recreation fields. Construction will cost $225,000 and annual O&M expenses are $85,000. The city council estimates that the value of added youth

Difference between opportunity and accounting cost, Provide an explanation ...

Provide an explanation of difference between opportunity and accounting cost, and accounting and economic profits. Then, please provide an example from your experience where opport

Probability that the stocks return, Suppose that an individual stock's retu...

Suppose that an individual stock's return is normally distributed with a mean of 11% and a standard deviation of 5%. What is the probability that the stock's return will be less th

Advantage and disadvantage of reducing dependence, What are the pros and co...

What are the pros and cons of reducing dependence on outsourcing in order to fulfill social obligations toward stakeholders?

Nation of tigerland imported goods, Last year, the nation of Tigerland impo...

Last year, the nation of Tigerland imported goods totaling $500 million and exported products totaling $386 million. Tigerland experienced a(n).

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd