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Author Question: Missing markets result from a. high transactions costs of such markets. b. strict price controls. ... (Read 97 times)

rosent76

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on: Jul 1, 2018
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.


asware1

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Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

c


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