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

Partnerships are the most common type of business firms in the world. t/f

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

As sales exceed the break‑even point, a high contribution‑margin percentage (a) increases profits faster than does a low contribution-margin percentage (b) increases profits at the same rate as a low contribution-margin percentage (c) decreases profits at the same rate as a low contribution-margin percentage (d) increases profits slower than does a low contribution-margin percentage