Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 5, Problem 12CQ
To determine
Necessary conditions for economic efficiency.
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Microeconomics: Private and Public Choice (MindTap Course List)
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a
Examples of market failures are natural monopolies, public goods, externalities, and asymmetric information.
b
The government cannot increase the effectiveness of a market system.
c
The combination of technology and the prices of the required resources determines the most efficient production technique.
d
All of the above.
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