What are the two possible causes of market failure?

Long-run average cost is never greater than short-run average cost because in the long run,

A) capital costs equal zero. B) the firm can move to the lowest possible isocost curve. C) wages always increase over time. D) wages always decrease over time.

Which of the following is an example of a less-than-highly-organized market?

a. the market for U.S. Treasury bonds b. the market for corn c. the market for soybeans d. the market for ice cream