Author Question: Missing markets result from a. high transactions costs of such markets. b. strict price controls. ... (Read 98 times)

rosent76

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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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Answer to Question 1

a

Answer to Question 2

c



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