If the number of laborers is 200 and the capital stock is $20,000 . the capital-labor ratio is

An industry can be defined as

a. the group of all firms that sell a product. b. any company that produces and sells something. c. the set of buyers of a particular good or service. d. the top companies that sell something.

What is a market failure?

A) It refers to the inability of the market to allocate resources efficiently up to the point where marginal social benefit equals marginal social cost. B) It refers to the inability of the market to allocate resources efficiently up to the point where marginal social benefit equals marginal private cost. C) It refers to a situation where an entire sector of the economy (for example, the airline industry) collapses because of some unforeseen event. D) It refers to a breakdown in a market economy because of widespread corruption in government.