Saving endangered species
A) benefits all people in society without any trade-off.
B) must involve the loss of another species.
C) may involve a trade-off in terms of the loss of other economic activities.
D) requires the government to list those species as common property.
C
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The price a perfectly competitive firm receives for its output
A) is determined by the interaction of all sellers and all buyers in the firm's market. B) is determined by the interaction of the firm and all of the consumers who buy from the firm. C) will be lowered by the firm in order to sell more output. D) will not change in response to changes in market demand and supply because the firm is a price taker.
The hands-off view of the classical school rests on which of the following two simple propositions about markets?
a. Demand creates its own supply and markets are basically competitive. b. Industrial policy is inevitable and all prices are flexible. c. Market failure occurs and prices are rigid. d. Wages are sticky downward and market failure is inevitable. e. Markets are basically competitive and prices are flexible.