Which of the following staeeracnts is true? In general, if a product has few sub

Question

Which of the following staeeracnts is true? In general, if a product has few substitutes will have in clastic derand. The more lime that. the more inelastic the demand for a protect becomes. the demand curse for is mort clastic the the demand curve for a luxury. The more narrowly we define a market the more elastic the demand for a protect will be. lt refers io the inability of the market to al locale resources efficiently up to the point where marginal social benefit equal marginal social cent. lf refers to the inability of the marl cl to allocate revniree efficiently up to the point where marginal social benefit equals marginal private com. It refer to a situation where an entire sector of the economy (for example, the airline industry) collapse because of some unforeseen event. It refer to a breakdown in a market economy because of widespread corruption gos eminent

Explanation / Answer

63. The more narrowly we define a market, the more elastic demand will be

64. It refers to the inability of the market to allocate resources efficiently up to the point where marginal social benefit equals marginal social cost

65. faces unlimited liability

66. All three homeowners in a quiet cul-de-sac have expressed the desirability of security lighting in the common parking area. One of the homeowners installs the lighting and asks you to contribute toward the cost. You choose not to contribute.

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