What is a market failure? a. it refers to the inability of the market to allocate resources efficiently up to the point where marginal social benefit equals marginal social cost. b. it refers to the inability of the market to allocate resources efficiently up to the point where marginal social benefit equals marginal private cost. c. it refers to a situation where an entire sector of the economy (for example, the airline industry) collapses because of some unforeseen event. d. it refers to a breakdown in a market economy because of widespread corruption in government.

You are an employee of an u.s. firm that produces personal computers in thailand and then exports them to the united states and other countries for sale. the personal computers were originally produced in thailand to take advantage of relatively low labor costs and a skilled workforce. other possible locations considered at that time were malaysia and hong kong. the u.s. government decides to impose punitive 100% ad valorem tariffs on imports of computers from thailand to punish the country for administrative trade barriers that restrict u.s. exports to thailand. how do you think your firm should respond? what does this tell you about the use of targeted trade barriers?

Peyton taylor drew a map with scale 1 cm to 10 miles. on his map, the distance between silver city and golden canyon is 3.75 cm. what is the actual distance between silver city and golden canyon?

If a product goes up in price, and the demand for it drops, that product's demand is a. elastic b. inelastic c. stable d. fixed select the best answer from the choices provided