If there are no external costs or benefits, no price or quantity regulations, no taxes or subsidies, and the good is not a public good or a common resource, then efficiency is
A) achieved when a monopoly produces the good.
B) achieved when the good is produced in a competitive market.
C) achieved when the amount of output exceeds the amount produced in a competitive market.
D) unrelated to the amount produced in a competitive market.
B
Economics
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Credit risk is the risk that
A) an insufficient number of borrowers will apply for loans or credit. B) interest rates will rise after a loan has been granted. C) interest rates will fall after a loan has been granted. D) borrowers might default on their loans.
Economics
A good synonym for "utility" is
A) marginal. B) need. C) necessity. D) satisfaction.
Economics