[Solved] What Does the Term "Forces of Uncompetition" Refer To

All of the following,except one,are examples of market failures.Which is the exception? A)Competitive markets do not result in an equitable distribution of incomes and wealth. B)Competitive markets do not ensure that the economy will be stable. C)Competitive markets do not ensure that competition will continue. D)Competitive markets do not ensure that individuals get the type of jobs they would like. E)Competitive markets do not take externalities into consideration.

When does allocative efficiency occur? A)When the price of the product is equal to its short-run average cost. B)When the price of the product is equal to its long-run average cost. C)When the price of the product is equal to its marginal cost. D)When the price of the product is below its marginal cost.

Which of the following statements is correct regarding the term marginal social cost? A)It includes only the private costs of production. B)It includes only the external costs of production. C)It includes both the private and the external costs of production. D)It is the difference between external costs and private costs of production.

What does productive efficiency mean? A)A product is being produced at the lowest possible short-run average cost but not necessarily at the lowest long-run average costs. B)A product is being produced at the lowest possible long-run average cost but not necessarily at the lowest short-run average costs. C)A product is being produced at the lowest possible short- and long-run average costs. D)A product is being produced at the lowest possible marginal costs.

What does allocative efficiency mean? A)That a product is produced where its price is equal to its marginal costs. B)That a product is produced where its price is below its marginal costs. C)That a product is produced where its price is equal to its average costs. D)That a product is produced where its price is below its average costs.

All the following,except one,are benefits of the perfectly-competitive market system.Which is the exception? A)It is productively efficient. B)It ensures that income is fairly distributed. C)It is allocatively efficient. D)It is a costless system.

Table 9.1,which shows the toll charges on a particular highway. -Refer to Table 9.1 to answer this question.If using the road was presently free,what toll charge would be necessary to reduce traffic by 40 percent? A)$1. B)$2. C)$3. D)$4.

Table 9.1,which shows the toll charges on a particular highway. -Refer to Table 9.1 to answer this question.If the user price was presently $1,what increase in the toll charge would be necessary to reduce traffic by 2,000 vehicles per hour? A)$1. B)$2. C)$3. D)$4.

If the price of a product is less than its marginal social costs,then: A)Society would prefer more of this product being produced. B)Society would prefer less of this product being produced. C)External costs must be zero. D)Short-run average costs must be at minimum.

What does the long-run equilibrium of a perfectly competitive market suggest? A)That the price is equal to the lowest SRAC but not necessarily the lowest LRAC. B)That the price is equal to the lowest LRAC but not necessarily the lowest SRAC. C)That the price is equal to both the lowest SRAC and the lowest LRAC. D)That price cannot equal marginal cost.