Competition best describes a market failure that provides an economic rationale for government intervention in markets

Indicate whether the statement is true or false

false

Economics

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Excess capacity in monopolistically competitive industries results because in equilibrium

A) each firm's output level is too great to minimize average cost. B) each firm's output level is too small to minimize average cost. C) firms make positive economic profit. D) price equals marginal cost.

Economics

The most important item in the public assistance (welfare) package is

a. Aid to Families with Dependent Children b. Medicaid c. Medicare d. food stamps e. housing subsidies

Economics