First we need to understand market failure. Morey (2014) describes market failure as something that is inherent to the market that causes the market equilibrium allocation to be inefficient. As a market we can produce a set of output necessary in the production curve‚ but when we produce too much of something the market conditions are no longer optimal and it creates a failure of the market. All the while there was another conceivable market outcome that would have benefited everybody instead of
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material wants and needs. B) have no opportunity cost. C) are probably not valued by consumers. D) have an unlimited supply. 2. An economy is efficient if it is: A) possible to produce more of all goods and services. B) possible to produce more of one good without producing less of another. C) not possible to produce more of one good without producing less of another good. D) producing a combination of goods. Use the following to answer question 3: 3. (Table: Coffee and Salmon Production
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that a command economy is told what to do by the government. A market economy does things for the people‚ the people decide what they want. The command economy is told what to produce‚ who to produce to‚ and how to produce by the government. The market economy is told is told what to produce‚ who to produce to‚ and how to produce by the people. I think that profit is the best one because you will still have money left over after you spend it. This is why i think that profit is the best characteristic
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cyclohexene is an unsaturated hydrocarbon due to the presence of double bond.Both hydrocarbons produce carbon dioxide and water during combustion test. When the oxygen is limited‚ the product will be carbon monoxide and water. The alkenes are highly flammable and burn readily in air‚ forming carbon dioxide and water. In this experiment‚ the combustion of cyclohexene burns in an orange flame and produces relatively high amount of black soot. The black soot produced is actually carbon monoxide. Cyclohexane
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Nuclear Power Plants and Safety Since the humans use energy sources such as wood‚ coal‚ and oil to produce electricity‚ people want to use better energy sources to produce electricity more. By the mid twentieth century‚ scientists found the method of making incredible energy by using uranium as nuclear fission. Today there are about 400 nuclear power plants around the world and more than 100 nuclear power plants in United States (Howstuffworks). In addition‚ nuclear reactors produced a lot of
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maximized when Q = 4‚ regardless of the fixed cost. The firm will produce another unit when MR > MC‚ and cut back production when MR < MC. The relationship between MR and MC is unaffected by fixed cost. 2. A bicycle-repair shop charges the competitive market price of $10 per bike repaired. The firm’s short-run total cost is given by STC(Q) = Q2/2‚ and the associated marginal cost curve is SMC(Q) = Q. a) What quantity should the firm produce if it wants to maximize its profit? b) Draw the shop’s total
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to meet the demands of the swelling population. The major food crops include price‚ Maize‚ Cassava‚ Yam and Banana. The main cash crops include cocoa‚ kolanut‚ Rubber‚ Palm Oil and Palm kernels. xxx State is one of the largest produces of kolanut in the country and produces Timber as well as Rubber on a large scale. However‚ almost 20% of xxx State total area is constituted of forest reserve suitable for agricultural products. xxx state is a state in South-west Nigeria. It borders Lagos state to
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when the body no longer produces insulin. The body no longer produces insulin because the beta cells of the pancreas were destroyed. Whereas with Diabetes Mellitus type 2 the body produces insulin but the receptors don’t recognize the insulin. This means the insulin can’t bind. 2. Melatonin has been suggested as a possible aid for sleeping problems due to jet lag and rotating work schedules (shift work). Explain how melatonin may affect sleeping. Your body naturally produces melatonin. When you
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CHAPTER 1 INTRODUCTION TO MICROECONOMICS 1. Which fundamental economic question requires society to choose the technological and resource mix used to produce goods? a. The what to produce question b. The why to produce question c. The how to produce question d. The for whom to produce question 2. A good or service that is forgone by choosing one alternative over another is called a (an): a. Explicit cost b. Opportunity cost c. Accounting cost d. Implicit
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into ATP during the Electron Transportation Chain. Stages of ATP Production: • Glycolysis: In glycolysis‚ glucose (a six carbon sugar) is split into two molecules of a three-carbon sugar. These 2 molecules are call Pyruvate. Glycolysis produces two molecules of ATP and 2 molecules of NADH . In the presence of oxygen‚ glycolysis is the first stage of Aerobic Cellular Respiration. Without oxygen‚ it is called Anaerobic Cellular Respiration. Stages of ATP Production • Conversion:
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