We Say a Market Is "Missing" When

question 71

Multiple Choice

We say a market is "missing" when:

• A) there is no place for potential buyers and sellers to exchange a particular good or service.
• B) the quantity being exchanged is at or close to zero.
• C) there is an absence of a well-functioning market, and total surplus is lower than it could be.
• D) All of these are correct.

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Definitions:

Innately Evil

A philosophical view that humans are born with a natural inclination towards wrongdoing or malevolence.

Biological Drives

Basic instinctual needs that drive behavior, such as hunger, thirst, sex, and the need for sleep.

Superego

Within the framework of psychoanalytic theory, it is the component of the personality that serves as the ethical core, mandating adherence to moral behavior and the norms of society.

Id

A component of the human psyche, based on Freudian psychology, that is responsible for unconscious desires and impulses.