____________________ - a perfectly competitive price system will bring about an economically efficient allocation of resources

Assume Congress decides that Social Security taxes must increase in order to fund the system. This would

A) shift up the marginal cost curve for any firms that hire labor. B) guarantee a decrease in profits. C) shift up the average fixed cost curve for any firms that hire labor. D) guarantee an increase in tax revenues.

According to most economists, the development of markets is:

A. both a necessary and a sufficient condition for development. B. a sufficient condition for development but not a necessary condition. C. a necessary condition for development but not a sufficient condition. D. neither a necessary nor a sufficient condition for development.