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- couldn't legalizing marijuana generate significant revenue? to the US economyEconomics equilibrium is reached in a market becouse both consumers and producer have an incentive to change their buying and selling behavior?. True or falsethe presence of competition in free markets and why A)is undesirable because it results in unnecessary duplication of efforts b)usually result in better quality and lower prices c) is rare since most markets eventually evolve into monopolies d). is undesirable because one big firm can usually produce goods more efficiently than a large number of small firms
- Match each type of good with its associated market efficiency outcomeA chemical company produces three products, A, B, and C, and can sell these products in unlimited quantities at the following unit prices: A, $10; B, $55; and C, $100. Producing a unit of A requires one hour of labor; a unit of B, two hours of labor plus two units of A; and a unit of C, three hours of labor plus one unit of B. Any A that is used to produce B cannot be sold. Similarly, any B that is used to produce C cannot be sold. A total of 4000 hours of labor is available. Only as many as 500 units of product C can be sold. Determine how to maximize the company’s revenue.Competition between firms results in:a. Lower pricesb. Greater outputc. Less deadweight lossd. a and be. a,b, and c