What is a situation that makes the market behave inefficiently?
What will be an ideal response?
Answer: When consumers do not have enough information to make good choices
Economics
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Labor unions may attempt to raise wage rates by:
A. increasing the supply of labor. B. forcing employers, under the threat of a strike, to pay above-equilibrium wage rates. C. decreasing the demand for labor. D. increasing the price of complementary resources.
Economics
The principle of comparative advantage states that countries should specialize in the production of goods for which they have a lower opportunity cost of production than their trading partners.
Answer the following statement true (T) or false (F)
Economics