Government is a social institution
A) in which people do not engage in competition.
B) in which the public interest, rather than private interests, guide individual behavior.
C) whose behavior is determined by individuals' perceptions of marginal costs and marginal benefits.
D) whose detailed actions are governed by the will of the majority.
C
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The prediction by the American Medical Association of a shortage of physicians by the year 2020 assumes
A) physicians' fees will not rise to a market clearing level. B) physicians' services will be free goods. C) physicians' services will no longer be scarce. D) physicians will be willing to work for less income.
Define gross investment and net investment. Discuss the relationship between gross investment and net investment
What will be an ideal response?