Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 11, Problem 6CQQ
To determine
Characteristic of a common resource.
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Common resources area. efficiently provided by market forces.b. underprovided in the absence of government.c. overused in the absence of government.d. a type of natural monopoly.
Public goods area. efficiently provided by market forces.b. underprovided in the absence of government.c. overused in the absence of government.d. a type of natural monopoly.
Public goods are
a.efficiently provided by market forces.
b.underprovided in the absence of government.
c.overused in the absence of
d.a type of natural monopoly.
Chapter 11 Solutions
Principles of Microeconomics
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- The following statements are FALSE about market failures EXCEPT a.An efficient monopoly in allocating its resources causes a large consumer surplus. b.Price mechanism in the private market allow limited resources to be efficiently used. c.Market mechanism provide an opportunity to enter a perfectly competition market. d.Market mechanism are not the best tool to distribute resources fairly.arrow_forwardThis is a form of governmental public policy that has been implemented to reduce the purchase of cigarettes and alcohol. A.Marketing limitations B.Raising the legal age C.Vending machine regulations D.Taxationarrow_forwardCapitalism's biggest enemy is Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a government. b monopoly. c market failures. d competition.arrow_forward
- Market structures are influenced by the following except which one? A. Pricing B. Inefficiency C. Supply D. Competitionarrow_forwardAn example of a barrier to entry in a market is:A. Lack of profitable opportunities.B. Increasing cost of production.C. Inelastic market demand.D. Government licensing requirement.arrow_forwardPlease submit the answer and then watch the video feedback.Farmer Ted sells 1,000 bushels of wheat at a price of $5 per bushel in a competitive market. Wilma sells 5 gallons of water at a price of $5 per gallon in a monopoly market. If both Farmer Ted and Wilma want to sell a higher quantity, what happens to their respective prices? a.Farmer Ted's price remains constant and Wilma's price decreases. b.Farmer Ted's price decreases and Wilma's price remains constant. c.Farmer Ted's price remains constant and Wilma's price increases. d.Both Farmer Ted's and Wilma's prices decrease.arrow_forward
- The deadweight loss in a monopoly occurs because: A. The monopolist produces less than the socially optimal output level.B. There is perfect competition in the market.C. The monopolist is forced to produce at a loss due to government intervention.D. Consumer surplus is maximized at the monopoly price.arrow_forwardIf occupational safety laws were changed so that firms no longer had to take expensive steps to meet regulatory requirements, we would expect a.competition to force producers to pass the lower production costs on to consumers in the long run. b.the firms in the industry to make long-run economic profit. c.the market price of the products of this industry to decrease in the short run but not in the long run. d.the demand for the products of this industry to increase.arrow_forwardClassifying a good as rival means A. that the good is produced in a competitive market. B. anyone who does not pay for the good cannot consume it. C. that there is a shortage of the good. D. that when one person consumes a unit of the good no one else can consume it.arrow_forward
- What are the concepts, reasons and effects of market failure? Note: list them down.arrow_forwarddoes the market( unregulated and competitive) for cigarettes suffer from a market failure? if so,suggest an economic tool to deal with it.Expalin your answers briefly . Only textarrow_forwardWith proper explanation The presence of public goods is an important reason for ___ A. the existence of free markets. B. the existence of monopolistic markets. C. the existence of perfectly competitive markets. D. government intervention in markets. E. None of these.arrow_forward
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