Font size
WorksheetsMicroeconomics
Total questions: 7
Worksheet time: 4mins
Market failure is the inability of
some unregulated markets to allocate resources efficiently
a market to establish an equilibrium price
buyers to place a value on the good or service
buyers to interact harmoniously with sellers in the market
A firm that is threatened by the potential entry of competitors into a market builds excess production capacity. This is an example of
a prisoners’ dilemma.
collusion.
. a credible threat.
tit-for-tat.
Which point on the curve is an efficient use of resources?
F
D
E
A
An equilibrium price will NOT change unless?
either demand & supply change (or both)
both demand & supply change
only demand changes
only supply changes
Scarcity is when
Unlimited wants is met with limited resources
Forcing to pick some choices and reject the rest
Choosing one alternative means giving up another
All of them
