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SVETLANKA909090 [29]
3 years ago
13

Which of the following happens when there are market failures? A) Firms compete more leading to more efficiency. B) The invisibl

e hand automatically lowers prices and increases quality of products. C) The private sector promotes competition D) The public sector steps in to help allocate resources E) Firms temporarily seek society’s goals rather than maximize profit.
Business
1 answer:
lbvjy [14]3 years ago
5 0

Answer:

The correct answer is option D.

Explanation:

A market failure refers to the situaion where the market forces fail to efficiently allocate resources. It happens because of a number of reasons such as externalities, monopoly, asymmetrical information, tragedy of commons etc.

In case of market failure, the government has to intervene to efficiently allocate resources. The failure of price mechanism to produce goods efficiemtly results in government to intervene.

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In some cases, supply curves are vertical, which means that for any price from 0 up to infinity, the quantity will stay the same.

This is very true for supply of an authentic painting in auctions, where there may only be 1 single painting, and people state the highest price they are willing to pay for the painting. Regardless of the price, there will only be 1 authentic painting for that price.

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3 years ago
Sometimes the use of old technology in sales is more effective than new technology. Group of answer choices True False
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True

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2 years ago
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MissTica

Answer:

Explanation:

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7 0
3 years ago
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A chocolate store that sells hand-painted chocolate charges artificially high prices for its chocolates because customers associ
ella [17]

When the chocolate store charges high prices for its chocolates because high prices is associated with superior quality, then, it is an example of prestige pricing.

Prestige pricing refers to a pricing strategy where prices are set high because people believed that high product price is related to superior quality.

Example of product where prestige pricing is applied includes luxury phones, watches, perfumes, luxury automobiles etc.

Therefore, when the chocolate store charges high prices for its chocolates because high prices is associated with superior quality, then, it is an example of prestige pricing.

Learn more about this here

<em>brainly.com/question/15577913</em>

4 0
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GREYUIT [131]

Answer:

thx

Explanation:

6 0
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