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Author Question: Assume that price underestimates the value that society places on flu vaccine. If firms produce ... (Read 36 times)

Sufayan.ah

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on: May 25, 2020

Question 1

Under perfect competition, which of the following is NOT true?
◦ The system produces the things that people want.
◦ Firms earn supernormal profit in the long run.
◦ Resources are allocated among firms efficiently.
◦ Final products are distributed among households efficiently.

Question 2

Assume that price underestimates the value that society places on flu vaccine. If firms produce where P = MC, firms will be producing
◦ more than the socially efficient amount of flu vaccine.
◦ less than the socially efficient amount of flu vaccine.
◦ so that consumer surplus is zero.
◦ the socially efficient amount of flu vaccine.
Essential Economics for Business ¦ Sloman, Jones ¦ 5th Edition
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Marked as best answer by Sufayan.ah on May 25, 2020

Koolkid240

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Reply #1 on: May 25, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Sufayan.ah

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  • Posts: 512
Reply 2 on: May 25, 2020
YES! Correct, THANKS for helping me on my review

xiaomengxian

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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