Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971493
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 11, Problem 6CQQ
To determine
Characteristic of a common resource.
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Common resources area. efficiently provided by market forces.b. underprovided in the absence of government.c. overused in the absence of government.d. a type of natural monopoly.
Public goods area. efficiently provided by market forces.b. underprovided in the absence of government.c. overused in the absence of government.d. a type of natural monopoly.
Public goods are
Ā
a.efficiently provided by market forces.
Ā
b.underprovided in the absence of government.
Ā
c.overused in the absence of
Ā
d.a type of natural monopoly.
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Principles of Microeconomics (MindTap Course List)
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- The following statements are FALSE about market failures EXCEPT a.An efficient monopoly in allocating its resources causes a large consumer surplus. b.Price mechanism in the private market allow limited resources to be efficiently used. c.Market mechanism provide an opportunity to enter a perfectly competition market. d.Market mechanism are not the best tool to distribute resources fairly.arrow_forwardA market structure that is āmonopolyā is NOT ... Group of answer choices Ā a. production efficient b. allocation efficient c. neither allocation nor production efficientarrow_forwardWrite a sentence or two defining the following terms in your own words. Give examples of each. a. Scarcity b. Substitute Goods c. Monopolyarrow_forward
- Capitalism's biggest enemy is Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a government. b monopoly. c market failures. d competition.arrow_forwardPatents give entrepreneurs a __on their ideas. * a. price floor. b. price ceiling. c. negative externality. d. positive externality. e. monopoly. True or false: Patents have costs and benefits when it comes to encouraging idea creation and adoption. * a. True. b. False.arrow_forwardMarket structures are influenced by the following except which one? A. Pricing B. Inefficiency C. Supply D. Competitionarrow_forward
- a. Most developing countries have been struggling to achieve economic growth and economic development. As a policy maker explain what advice you would give to these countries to achieve both economic growth and economic development.Ā Ā b. Suppose the widget industry is perfectly competitive and faces constant returns to scale. A monopoly purchases all widget producers in the market. List three ways in which the market outcome under monopoly will differ from the market outcome under perfect competition.arrow_forwardThe deadweight loss in a monopoly occurs because: A. The monopolist produces less than the socially optimal output level.B. There is perfect competition in the market.C. The monopolist is forced to produce at a loss due to government intervention.D. Consumer surplus is maximized at the monopoly price.arrow_forwardPlease submit the answer and then watch the video feedback.Farmer Ted sells 1,000 bushels of wheat at a price of $5 per bushel in a competitive market. Wilma sells 5 gallons of water at a price of $5 per gallon in a monopoly market. If both Farmer Ted and Wilma want to sell a higher quantity, what happens to their respective prices? a.Farmer Ted's price remains constant and Wilma's price decreases. b.Farmer Ted's price decreases and Wilma's price remains constant. c.Farmer Ted's price remains constant and Wilma's price increases. d.Both Farmer Ted's and Wilma's prices decrease.arrow_forward
- Classifying a good as rival means Ā A. that the good is produced in a competitive market. Ā B. anyone who does not pay for the good cannot consume it. Ā C. that there is a shortage of the good. Ā D. that when one person consumes a unit of the good no one else can consume it.arrow_forwarda. Coca-Cola cuts its price below that of Pepsi-Cola to increase profit. b. A Single firm, protected by a barrier to entry, produces a personal service that has no close substitutes c. barrier to entry exists, but the good has some close substitutes d. A museum offers discounts to students and seniors e. A firm can sell any quantity it chooses at the going price f. A firm experiences economics of scale even when it produces the quantity that meets the entire market demand. 1. Which of the six cases are monopolies or might give rise to monopoly? 2. which are legal monopolies and which are natural monopolies? can any of them price discriminate? if so, why?arrow_forwardWhat are the concepts, reasons and effects of market failure? Note: list them down.arrow_forward
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