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.
Unique communities may result from distinct environmental conditions.
Variation in climatic conditions result in geographic variation in the distribution of biome types a
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