Homework Answers
Answer- The market does not provide the ideal or optimal amount of a particular good.
Market failure is a situation where there is inefficient allocation of resources.
Market failure-
It means it is a steady state disequilibrium.
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Market failure is a situation in which the market does not provide the ideal or optimal...
QUESTION 50 Market failure is a situation in which negative economic profits persist in the long...
QUESTION 50 Market failure is a situation in which negative economic profits persist in the long run. negative economic profits exist in the short run. the market does not provide the ideal or optimal amount of a particular good. both a and b a, b, and c
can someone explain how to work out part b *edit*: better picture 1. Consider the market for used cars shown in the figure below. The left panel (a) shows the market for low-quality cars (lemo...
can someone explain how to work out part b
*edit*: better picture
1. Consider the market for used cars shown in the figure below. The left panel (a) shows the market for low-quality cars (lemons); the right panel (b) shows the market for high-quality cars (plums). If all buyers and sellers had full information about the quality of automobiles being offered for sale, lemons would sell for $8,000 and plums would sell for $16,000. Price,() (S/car) (a) Lemons (b) Plums...
A “Market Failure” can generally be best described as a situation in which: A single seller...
A “Market Failure” can generally be best described as a situation in which: A single seller of a good has substantial control over the price of the good The “free market outcome” is NOT efficient Government intervention leads to a greater Deadweight-Loss than does the “free market outcome.” Government imposes progressive taxes, in order to indirectly redistribute income. No answer text provided.
Positive and negative externalities are two common cases of "market failure". What does this mean? What...
Positive and negative externalities are two common cases of "market failure". What does this mean? What is it that some markets fail to do? Market failure means that the market is ineffiicent. Market failure means that the price of the good is too high for some consumers to afford. Market failure means that production costs are too high for businesses to earn a profit. Market failure occurs when government imposes taxes on sales.
7. What will happen in a market where a binding price ceiling is removed? a....
7. What will happen in a market where a binding price ceiling is removed? a. There will be downward pressure on the price in the legal market. b. The products sold will improve in quality and become more plentiful. c. Sellers will face a reduced incentive to sell the product. d. Buyers will find the good more difficult to obtain in the legal market. e. There will be increased pressure to buy and sell the good on the black...
Thanks! Murali sells used cell phones, and buyers find it difficult to assess the quality of...
Thanks!
Murali sells used cell phones, and buyers find it difficult to assess the quality of this product before buying. Which of the following statements is NOT consistent with the situation in Murali's market? None of the other answers are true Adverse selection of buyers will be present Customers will pay only a low price, even if the phone quality is high. The market will skew toward low quality. Murali may end up selling low-quality used cell phones. When buyers...
72) In the market for automobile insurance, adverse selection implies that A) those who are insured...
72) In the market for automobile insurance, adverse selection implies that A) those who are insured might take greater risks. B) insured and uninsured alike will take greater risks. C) those who are uninsured might take greater risks. D) drivers with greater risks are more likely to buy insurance. 73) Product differentiation A) means that the monopolistic competitor's product is a close but not a perfect substitute for the products of its competitors. B) is why a monopolistic competitor faces...
Market failure questions Determining which public goods to provide requires governments to a. Issue licenses Salmon...
Market failure questions Determining which public goods to provide requires governments to a. Issue licenses Salmon are potentially overfished because they are a common resource is rival in consumption a common resource that is underutilized. A public good. d. All of the above а. b. b. Minimize tax burdens с. c. Perform cost-benefit analyses d. Resolve all externalities. Voting rates are low in the U.S compared to other countries because a. It is not mandatory b. Marginal benefits are less...
Submit All Questions Completed 59 out of 75 0049 Question 59 of 75 > Market failure...
Submit All Questions Completed 59 out of 75 0049 Question 59 of 75 > Market failure due to asymmetric information is illustrated in which situation? O A company does not list all a product's ingredients on the label. Customers buy the product, unaware that it contains harmful ingredients. Consumers buy a product labeled as foot cream, but they use it as eye cream even though there is a warning on the label to use it only on feet. Consumers seek...
29. Gap analysis can help: a. measure differences between the ideal and the reality of a market situation b. determ...
29. Gap analysis can help: a. measure differences between the ideal and the reality of a market situation b. determine what action is needed to bring about change from the present. c. for example, improve the quality of service delivery from current levels. d. measure differences between intended market strategy and tactical results. e. all of the above are correct. 30. Which of the following firms will most likely have the easiest time maintaining a competitive advantage? a. A steel...
can someone explain how to work out part b
*edit*: better picture
1. Consider the market for used cars shown in the figure below. The left panel (a) shows the market for low-quality cars (lemons); the right panel (b) shows the market for high-quality cars (plums). If all buyers and sellers had full information about the quality of automobiles being offered for sale, lemons would sell for $8,000 and plums would sell for $16,000. Price,() (S/car) (a) Lemons (b) Plums...
Positive and negative externalities are two common cases of "market failure". What does this mean? What is it that some markets fail to do? Market failure means that the market is ineffiicent. Market failure means that the price of the good is too high for some consumers to afford. Market failure means that production costs are too high for businesses to earn a profit. Market failure occurs when government imposes taxes on sales.
Thanks!
Murali sells used cell phones, and buyers find it difficult to assess the quality of this product before buying. Which of the following statements is NOT consistent with the situation in Murali's market? None of the other answers are true Adverse selection of buyers will be present Customers will pay only a low price, even if the phone quality is high. The market will skew toward low quality. Murali may end up selling low-quality used cell phones. When buyers...
Market failure questions Determining which public goods to provide requires governments to a. Issue licenses Salmon are potentially overfished because they are a common resource is rival in consumption a common resource that is underutilized. A public good. d. All of the above а. b. b. Minimize tax burdens с. c. Perform cost-benefit analyses d. Resolve all externalities. Voting rates are low in the U.S compared to other countries because a. It is not mandatory b. Marginal benefits are less...
Submit All Questions Completed 59 out of 75 0049 Question 59 of 75 > Market failure due to asymmetric information is illustrated in which situation? O A company does not list all a product's ingredients on the label. Customers buy the product, unaware that it contains harmful ingredients. Consumers buy a product labeled as foot cream, but they use it as eye cream even though there is a warning on the label to use it only on feet. Consumers seek...
29. Gap analysis can help: a. measure differences between the ideal and the reality of a market situation b. determine what action is needed to bring about change from the present. c. for example, improve the quality of service delivery from current levels. d. measure differences between intended market strategy and tactical results. e. all of the above are correct. 30. Which of the following firms will most likely have the easiest time maintaining a competitive advantage? a. A steel...
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