7. When markets fail to allocate resources efficiently, the ultimate source of the problem is usually a. that prices are not high enough so people overconsume. b. that property rights have not been well established. ‒‒‒‒‒‒‒

7. When markets fail to allocate resources efficiently, the ultimate source of the problem is usually a. that prices are not high enough so people overconsume. b. that property rights have not been well established. ‒‒‒‒‒‒‒

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 21CTQ: It is clear that productive inefficiency is a waste since resources are used in a way that produces...

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7. When markets fail to allocate resources efficiently, the ultimate source of the problem
is usually
a. that prices are not high enough so people overconsume.
b. that property rights have not been well established.

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