Suppose the perfectly competitive equilibrium occurs such that too many units of the good are produced. This is an example of
A) marginal cost pricing.
B) market failure.
C) firms have not yet exited the industry.
D) greedy business people behaving in an inappropriate manner.
Answer: B
Economics
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If the electronics market is experiencing a shortage in the supply of mobile phones being sold at a cost that buyers are more than willing to pay for, then: a. the selling price is higher than the equilibrium price
b. the equilibrium price is higher than the selling price. c. the quantity demanded is less than the quantity supplied. d. the shortage could be eliminated by lowering the price.
Economics
A problem in identifying poverty is that the concept of what constitutes a basic need is always changing
Indicate whether the statement is true or false
Economics