Adam Smith noted that people are adept at which of the following?
A. Confusing themselves if given the chance.
B. Proving the truth of “Murphy’s Law.”
C. Denying themselves for the sake of others.
D. Pursuing their own self-interest.
E. All of the responses are correct.
Answer: D
Economics
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In the figure above, when the market is unregulated and in equilibrium, the deadweight loss is ________ thousand per month
A) $250 B) $125 C) $150 D) $50 E) zero
Economics
Economists criticize monopolies because monopolies
A) always price discriminate. B) receive accounting profits. C) restrict output and raise prices compared to a competitive situation. D) make consumers pay more for their product than the customers value the product.
Economics