A. the marginal cost of production does not equal society’s marginal benefit
B. the distribution is inequitable
C. economic growth is low
D. unemployment is high

A. some people can’t count
B. some people may not be permanent resident
C. not all economic activity is legal
D. We can’t make value judgments to compare different people’s welfare

A. worse off; worse off
B. better off; better off
C. better off; worse off
D. equal, unequal

A. reduces the likelihood
B. increases the likelihood
C. guarantees
D. none of the above

A. a wining strategy
B. a losing strategy
C. a players best strategy when moving first
D. a player’s best strategy whatever the strategies adopted by rivals

A. players are better of to act independently
B. monopoly is better than competition
C. people will always cheat
D. players are better off if they co-operate

A. The oligopolist believes that competitors will match output increase but not output reduction
B. The oligopolist believes that competitors will match price increase but not output reduction
C. The oligopolist believers that competitors will match price cuts but not price rises
D. The oligopolist believes that competitors will match price increase but not output increase

A. long run marginal cost
B. short run marginal cost
C. long run average cost
D. long run marginal cost

A. research
B. cost-saving
C. technical advance
D. all of the above

A. produce less at a lower price
B. produce more at a lower price
C. produce less at a higher price
D. produce less at a lower price