It can be inferred that w

It can be inferred that w

It can be inferred that when firms and consumers respond to changing price signals in a competitive market with well-defined and transferable property rights:A) they will achieve the efficient solution in the marketplace.B) they will rarely achieve the efficient solution given flexible prices.C) they will, in the real world, seldom act according to marginal benefit and marginal cost analysis.D) there will generally be a shortage of apples, because they are scarce.For markets to operate efficiently, it is necessary that private marginal cost:A) be equal to output quantity.B) equal the cost of output.C) plus external cost be equal to output price.D) minus external cost be equal to output price.The text suggests that the African elephant is in danger of disappearing because:A) local hunters just don’t like elephants.B) of the lack of clearly defined property rights.C) the governments of countries with elephants did not try to save them.D) hunters do not respond to their own self-interest.The study of government expenditure and tax policy and the impacts of these policies on the economy is called:A) federal choice.B) federal deficit.C) public finance.D) public debt.An example of a _______ good would be _______ , and an example of a ________ good would be ________ .A) Mary Poppins; symphony concerts; demerit; educationB) merit; education; demerit; alcoholC) demerit; public parks; merit; cigarettesD) None of the above are true.Suppose that the expected exam scores from studying economics for 0, 1, 2, or 3 hours are 65, 80, 90, and 95 points, respectively, while the expected exam scores for studying 0, 1, 2, or 3 hours of accounting are 50, 65, 70, and 70 points, respectively. With 3 total hours of study time, your combined scores can be maximized by spending _______ hours studying accounting.A) 0B) 1C) 2D) 3

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