Missing markets result from
a. high transactions costs of such markets.
b. strict price controls.
c. the inability of producers to gain economies of scale.
d. foreign countries dominating a domestic market for a product.
Question 2
In a competitive market, an efficient allocation of resources is characterized by
a. a price greater than the marginal cost of production.
b. the possibility of further mutually beneficial transactions.
c. the largest possible sum of consumer and producer surplus.
d. a value of consumer surplus equal to that of producer surplus.
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