The price rationing mechanism of a freely functioning market leads to the most efficient use of resources because
A) all gains from mutually beneficial trade are captured.
B) the Federal Trade Commission regulates the market.
C) of the rise of the legislative apparatus that supports trade.
D) the Justice Department monitors market activities.
A
Economics
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Refer to Table 18-9. Sylvia is a single taxpayer with an income of $70,000. What is her marginal tax rate and what is her average tax rate?
A) marginal tax rate = 8%; average tax rate = 19.3% B) marginal tax rate = 30%; average tax rate = 22.5% C) marginal tax rate = 20%; average tax rate = 30% D) marginal tax rate = 30%; average tax rate = 30%
Economics
The maximum price that a buyer is willing to pay for a good measures his
A) consumer surplus. B) marginal benefit. C) willingness to pay. D) producer surplus.
Economics