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- When we analyze the general equilibrium model, why do we ignore the equilibrium for the non-monetary market?Explain the relationship between a market equilibrium and a social optimum.The chapter 1 (Power of Markets) of the Naked Economics textbook goes into some length to explain the strengths and weaknesses of a market economy. Some of these are written following dark, italics headings. Of the statements below only ONE is not a characteristic of a market economy (as stated in the textbook). Which of the below is NOT TRUE for a market economy? Group of answer choices A market economy allocates goods and services based on the needs of the people. The market economy uses prices to allocate scarce resources. The market economy is a powerful force for making our lives better.
- What are the Indicators of market potential according to Economic factors?After defining a ‘market mechanism’ and the ‘law of supply and demand’, explain how higher education can be affected by market changes, and how economic theory can understand such changes (Duff, 1997).Identify the point or points for which the following is true: Production of pizza can be increased without sacrificing beer.
- Which of this is a following is a normative statement: Select one: The correlation between the full moon and increased crime and wild animal attacks suggests werewolves are a concern in some areas A car scrappage scheme will lead to fall in the price of second hand cars A fall in incomes will lead to a rise in demand for the own-label supermarket foods The movie industry is an evilclassify the following as microeconomics or macroeconomics and provide a justification for your choice. (a)The impact of an increase in the price of computer chips on the market for personal computers.Local government bans on plastic grocery bags due to environmental concerns have led to increased emergency room visits and deaths related to harmful bacteria such as E. coli, as many people do not wash their bags after each use. Which of the following best characterizes the statement? The statement demonstrates that even when government policies are enacted with good intentions, they do not always guarantee good outcomes due to unintended consequences and secondary effects. The statement demonstrates that normative economics is often confused with positive economics. The statement is an example of the fallacy of composition because all foods do not contain harmful bacteria. The statement shows that all environmental regulations have benefits that exceed the costs.