which of the following is not an assumption of a competitive, efficient market system? course hero

Who provides supply in the labor market?

In the labor market, supply is provided by the employer.

Why do policy makers advocate for minimum wage laws?

Policy-makers who advocate for minimum wage laws do so because they believe workers should be paid based on their level of need as opposed to their productivity.

Why can oil companies refine a barrel of petroleum?

Oil companies can refine a barrel of petroleum so that it yields either more home heating oil or more gasoline. If the price of gasoline falls, there is:

Is resource equally suited to produce each of the two products being analyzed?

Resources are not equally suited to produce each of the two products being analyzed.

Is the law of supply false?

False. The law of supply states that, other things staying the same, a decrease in the price of a canoe leads to: A decrease in the quantity supplied of canoes. A moral hazard exists whenever risks are individually undertaken, but potential economic losses are transferred to another party.

What is consumer surplus?

A consumer surplus occurs when: Steven Manley manufactures donuts. consumers value the additional product at more than the price. the market price is higher than supplier additional value. the market is in equilibrium. consumers value the additional product at more than the price.

How are shortages and surpluses eliminated?

shortages and surpluses are eliminated quickly by price changes

Is the market price higher than supplier additional value?

the market price is higher than supplier additional value