According to this Application, economist Daron Acemoglu categorizes which of the following as participatory institutions?
A) democracies, monarchies, and dictatorships
B) constitutionally limited monarchies and democracies
C) tightly controlled oligarchies, democracies, and constitutionally limited monarchies
D) monarchies, dictatorships, and tightly controlled oligarchies
B
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To maximize its profit, the firm in the figure above will produce ________ jeans and set a price ________ per pair of jeans
A) 150; between $50 and $25 B) 125; $25 C) 125; $50 D) 125; $75 E) None of the above answers are correct.
When the price of an inferior good falls, the substitution effect leads to ________ in the quantity purchased and the income effect leads to ________ in the quantity purchased
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease