If an economist states that not enough of a good is being produced, she usually means that
A) not everyone can afford the good.
B) price exceeds marginal cost.
C) consumer surplus equals zero.
D) at equilibrium, some people who still wish to sell the good cannot find a buyer.
B
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The United States has net exports of -$350 billion and the private sector balance is -$400 billion. What is the government sector balance?
What will be an ideal response?
The labor market in Major League Baseball features
A) monopolistic competition between the teams and professional baseball players. B) an oligopoly by the League in employing professional baseball players that is offset by an oligopsony by the players in the labor market. C) a monopsony by the League in employing professional baseball players that is offset by the players' membership in a labor union. D) a monopoly by the League in employing professional baseball players that is offset by the players' membership in a labor union.