Markets Can Fail to Achieve Efficiency When

question 23

Multiple Choice

Markets can fail to achieve efficiency when

• A)there are prices consumers do not think are fair.
• B)there are wages workers do not think are fair.
• C)trade puts people out of work.
• D)there are markets with imperfect competition.

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Definitions:

Income-equality Measures

Statistical tools used to assess the distribution of income across a population, indicating the level of income equality or inequality.

World War II

A global conflict that took place from 1939 to 1945, involving most of the world's nations and culminating in significant geopolitical changes.

Technological Change

Technological change refers to the overall process of innovation, invention, and diffusion of technology or processes, enhancing productivity or altering societal lifestyles.

Income Inequality

The unequal distribution of income among individuals or households within a given population or economy.