The price system will allocate resources efficiently except when
A) consumers decide they want more of a good.
B) no externalities exist.
C) farmers decide to produce more corn.
D) market failures exist.
Correct Answer:
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Q1: When the price system fails to generate
Q13: Which of the following statements is NOT
Q13: A situation in which a market economy
Q14: In its most ideal form, a price
Q15: Market failures
A) are usually caused by government
Q17: Market failures
A) prevent the price system from
Q18: Which of the following terms describes the
Q19: Consumers are sovereign when
A) prices are decided
Q20: Market failures occur when
A) externalities exist.
B) wages
Q21: Which of the following often involves positive
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