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CLEP Principles of Microeconomics by Richard Sattora

By Richard Sattora

CLEP - a better route to a school measure. Get university credit with out the sessions. CLEP rules of Microeconomics is predicated on today's authentic CLEP examination

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Sample text

As a result supply is slow to respond to changes in demand. Fourth, the private-profit motive does not always ensure that public well-being (as distinct from the sum total of private wealth) will be maximised. There may be social benefits or costs (often referred to as spillovers or externalities (see chapter 18). Fifth, the market economy, where individuals decide what to produce, is subject to instability in the overall level of activity and in the rate of growth, with resources remaining unemployed because firms as a whole consider that profit prospects are low (see Chapter 28).

Postal services and activities of local authorities, such as the provision of roads and libraries. But other defects of the market mechanism are often dealt with by influencing the operation of the price system either by physical controls or by market intervention. The most rigid form of physical control is legislation. For example, pornographic literature (and certain drugs) must not be sold freely, and certain forms of cigarette advertising are forbidden. Controls can be flexible, however, when they are administered by the authorities under general powers conferred by Act of Parliament.

Furthermore, governments may, by import taxes and quotas, effectively prevent the entry of certain commodities into the country. Third, the costs of transport must be small in relation to the value of the commodity. Thus the market for diamonds is worldwide, whereas that for bricks is local. Similarly, wheat and oil are cheap to transport compared with coal because they are more easily handled- although, as sea transport is relatively cheap, coal mined near the coast can be sent long distances.

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