Failure of market outcomes occurs when:
A. there are no market failures but the market is not achieving society's goals.
B. there are market failures such as externalities.
C. the market outcome is not Pareto optimal.
D. the market outcome is not efficient.
Answer: A
Economics
You might also like to view...
Refer to Figure 23-1. According to the figure above, at what point is aggregate expenditure greater than GDP?
A) J B) K C) L D) none of the above
Economics
Just as resources are scarce for the individual,
a. they are also scarce for the economy as a whole b. they are never scarce for the economy as a whole c. they are randomly abundant for other individuals d. there will be zero resources available for the economy as a whole e. the economy a whole is never faced with having to make rational choices about using resources
Economics