Chpt. 7 Econ

under perfect comprtition, what sets the equilibrium price in the market?

• nonprice compettition

• supply and demand

• the government

• a monopoly

pure comprtition and monopoly

• are the same

• are almost the same

• should not be compared

• are opposites

in the economic term oligopoly the word part olig probably means

• few

• single

• all

• one

which of the folloing factors contribute to market failure

• adequate competition

• knowledge of prices and opportunities

• mobility of resources

• inadequate competition

which is a good example of a publis good

• a rock band

• a car

• the army

• bread

when a factory pollutes a river, the resulting water poolution is an example of a

• technological monopoly

• public good

• negative externality

• neutral spillover effect

how would an economist characterize a local government increasing property taxes to improve the school system

• laissez-faire in action

• an example of collusion

• a cease and desist order

• subsidizing a positive externality

the sherman act, the clayton act, and the federal trade commission act were all designed to

• ensure competition

• promote trust

• create public goods

• extend morgages

A woman borrows money from the bank to purchase a house. she promised to give the bank the house if she cannot repay the loan, this woman has signed a

• foreclosure

• mortgage

• trust

• cease and desist order

what do most economist believe is the most efficient way to allocate resources

• competitive markets

• rationing

• government action

• distorted incentives