The late Nobel Prize-winning economist George Stigler once wrote, "the most common and most
important criticism of perfect competition. [is] that it is unrealistic."
Source: George Stigler, "Perfect Competition, Historically Contemplated," Journal of
What do economists mean by scarcity?
Economists mean that people are not employed.
Economists mean that the economy is unable to produce increasing quantities of goods and services.
Economists mean that trade is not possible.
interferes with the economic efficiency of a market equilibrium.
refers to a benefit or cost of an economic activity that affects someone who is not directly associated with
may require government intervention.
all of th
[Related to Solved Problem
Frances sells pencils in the perfectly competitive pencil market. Her output per day and costs are seen in
the table to the right.
a. If the current equilibrium price in the pencil market is
what price will Frances
Also see abecedarian, chiastic, concatenation, eurythmy, focal point, horror vacui, invert, music,
order, pasteup, periodicity, rhythm, sequence, hnty
abecedarian - Having to do with the alphabet, or arranged in alphabetical order. Sometimes
The phrase "health care outcome" refers to
any indicator of societal health
Compared with those of other high-income countries, health care outcomes in the United States are
better on some indicators, inferior on others.
This is the correct answe
Comparative Advantage, International Trade, and Exchange Rates
International Trade, and
Over the past 50 years, international trade has grown significantly as many governments reached
Which of the following is one of the major reasons for the improvement in U.S. health in the last
improvements in the distribution of food
advances in medical equipment and prescription drugs
Your answer is no