A market failure occurs when
a. a market equilibrium is economically inefficient
b. a market equilibrium is economically efficient
c. perfect competition maximizes the sum of consumer and producer surplus
d. crime is not completely eliminated
e. involuntary exchanges are not completely eliminated
A
Economics
You might also like to view...
What is utilitarian justice?
What will be an ideal response?
Economics
Suppose the government taxes 30 percent of the first $70,000 and 50 percent of all income above $70,000 . For a person earning $200,000 . the marginal tax rate is
a. 30 percent, and the average tax rate is 50 percent. b. 30 percent, and the average tax rate is 43 percent. c. 50 percent, and the average tax rate is 40 percent. d. 50 percent, and the average tax rate is 43 percent.
Economics