The First Economist to Systematically Analyze Market Failure Was

question 105

Multiple Choice

The first economist to systematically analyze market failure was

• A)Adam Smith.
• B)Ronald Coase.
• C)A. C. Pigou.
• D)J. E. Meade.

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Definitions:

U.S.

The United States of America is a country consisting of 50 states, a federal district, five major self-governing territories, and various possessions, known for its significant influence in global political, cultural, and economic affairs.

Percent

A mathematical term used to describe a number as a fraction of 100.

Per-Worker Production Function

A mathematical relation showing the output produced per worker as a function of the level of capital per worker, holding technology constant.

Output Per Worker

The average amount of goods or services produced by an employee in a given period, indicating labor productivity.