The money cost of a particular good will approximate its opportunity cost if
a. there are serious distortions in the market.
b. the market functions well.
c. there is much specialization in the market.
d. nations are exploiting the law of comparative advantage.
b
You might also like to view...
The Clayton Act:
A) was passed in 1985 over the objections of then President Reagan. B) outlaws racial discrimination in the practice of business. C) outlaws the ownership of stock by the U.S. government unless it is in public enterprises. D) outlaws price discrimination unless based on cost differences.
Governments can eliminate market failure due to an imperfectly competitive market by
A) changing the market structure, for example by eliminating monopoly protection. B) having the government own the monopoly. C) imposing regulations that reduce prices. D) All of the above.