The Amsterdam flower market is
a. an example of an open outcry auction market
b. an example of a Dutch auction market
c. a commodity market in which bidding opens at a low price and then moves upward
d. the world's best example of a perfectly competitive market
e. a monopoly market
B
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When the marginal social cost of the production of Good A is greater than the marginal private cost of the production of Good A, then
A) a competitive, unregulated market produces less than the efficient quantity of Good A. B) a competitive, unregulated market produces the efficient quantity of Good A. C) a competitive, unregulated market produces more than the efficient quantity of Good A. D) the government should levy a tax on the production of Good A that is equal to the horizontal distance between the two marginal cost curves.
Because of voter rational ignorance, the government might not produce the efficient quantity of a public good
Indicate whether the statement is true or false