MCQs: The law of supply states that an increase in the price of a good ?
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MCQs: If an increase in the price of blue jeans leads to an increase in the demand for tennis shoes, then blue jeans and tennis shoes are ?
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MCQs: The problem posed by a natural monopoly is that it faces a _____ This means that _______?
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MCQs: If two firms doing the same thing in the same industry join together, this is known as a ?
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MCQs: The social costs of monopoly power arises because ?
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MCQs: The effect of a tax to offset a negative externality will be to ____ price and ______ quantity?
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MCQs: Taxes creates a wedge between the sales price and purchase price that prevents the price system equating ____ and ______?
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MCQs: Except for taxes to offset ______ taxes are ______?
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MCQs: If the consumption of good by one person does not reduce the quantity available by others and nobody can be easily excluded from consumption, we are referring to a ?
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MCQs: Markets sometimes fail to exist because of________?
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MCQs: Externalities arise because there is a divergence between ________ and _________?
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MCQs: The allocation of resources is not efficient if ?
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MCQs: We cannot say whether one allocation of resources is better than another allocation because ?
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MCQs: An allocation is Pareto-efficient if no reallocation of resources would make some people _______ without making others ________?
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MCQs: Moral hazard means that the act of insuring ____ that the desired outcome will occur?
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MCQs: A dominant strategy is ?
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MCQs: The prisoners Dilemma Game demonstrates that ?
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MCQs: The reason for the kinked demand curve is that ?
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MCQs: A natural monopoly has a declining _______ over a large range of output?
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MCQs: A monopoly may be self-perpetuating because profits may be used for ?
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