In 18th century Europe, governments gave guilds legal authority to limit production of goods. This authority obstructed the market mechanism because the guild's actions prevented the forces of ________ from coordinating the self-interested decisions of producers and consumers. absolute advantage demand and supply opportunity cost nature

Q: ___________ give government the power to block certain mergers, and in some cases, to break up large…

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A: Economic Intervention:Government or regulatory actions aimed at influencing or managing economic…

Q: Lesson 12 Question 2

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A: Price ceiling refers to fixing the price below the market equilibrium price. No seller can charge…

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Q: Suppose a firm's patent expires. In this case, the market price of the good/service will _____ and…

A: Market demand refers to the total quantity of a good or service that all consumers in a particular…

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A: Capitalism is a system where capital goods are owned by businesses or private individuals. These…

Q: Which of the following statements is TRUE? Competitive market economies lead to higher prices for…

A: The statement that is TRUE among the given options is:Monopolized economies tend to have more…

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A: Unemployment: - unemployment is that portion of the labor force that is able to do work and looking…

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A: The issue spins around grasping the effects of competitive industries on the economy and society. It…

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Q: Question 9 When governments grant patents: C producers earn profits that are substantially higher…

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Q: Identify the trade-restraining practice that this example demonstrates. Two retailers decide that…

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A: In a society, public policy is manipulated by many people to increase their profits. They do so by…

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A: The cost that a firm incurs when it has to produce extra units of any goods or services is referred…

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Q: Economic profits and losses: a) are the expected outcomes of a decrease in dollar votes and an…

A: The firm would result in the production of the goods and services. The firm would result in the…

Q: The model of competitive markets relies on these three core assumptions: 1. There must be many…

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Q: Voluntary risks have to do with lifestyle choices. They are the risks that people take knowing that…

A: Voluntary risk is a hazard related risk with activities that is intentionally endured in exchange…