Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421315
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 12, Problem 2.10P
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Why are production and competitiveness important in today's economies?
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They can affect workers' willingness to work or
firms' willingness to hire.
They can affect consumers' willingness to buy
They can affect consumers' willingness to buy
or firms willingness to produce.
They can affect firms' willingness to produce.
They can affect workers' willingness to work.
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Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
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- Which of the following is not a typical characteristic of a market system? technological advance  freedom of choice  specialization  government production planning  use of moneyarrow_forwardWhat are the main factors that influence the allocation of land and capital resources in a market economy?arrow_forwardWhy is private property, and the protection of property rights, so critical to the success of the market system? How do property rights encourage cooperation?arrow_forward
- How do markets operate to bring product into existence?  How does that relationship affect supply and demand for the various markets involved? In what ways has the change in supply and demand affected the market? What enabled the many participants in the production of this product to cooperate, and how has this affected the production of the product?arrow_forwardHow does self-interest help achieve society’s economic goals? Why is there such a wide variety of desired goods and services in a market system? In what way are entrepreneurs and businesses at the helm of the economy but commanded by consumers?arrow_forwardWhy does the laissez faire approach to economic policy imply only minimal government involvement? When does it make sense for the government to intervene in a perfectly competitive market setting?arrow_forward
- Which of the following is not a typical characteristic of a market system? A Freedom of Choice B technological advance C use of money D government production of planning E specializationarrow_forwardExplain the difference between simple commodity production and capitalist commodity production.arrow_forwardIn the 1990s thousands of “dot-com” companies emerged with great fanfare to take advantage of the Internet and new information technologies. A few, like Yahoo, eBay, and Amazon, have generally thrived and prospered, but many others struggled and eventually failed. Explain these varied outcomes in terms of how the market system answers the question “What goods and services will be produced?”arrow_forward
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