If the government is successful in cutting the economic pie into more equal slices, than it is quite possible that
a. the pie gets larger
b. the pie gets smaller.
c. it increases the reward for working hard, resulting in people producing more goods and services.
d. none of the above.
b
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The economic principle of _________________ implies that the value of the subject property is determined by the price that market participants would pay to acquire a substitute property of similar utility and desirability,
Fill in the blank(s) with the appropriate word(s).
The fact that a monopoly has to take the shapes of marginal cost AND marginal revenue into account when making decisions is reflected in the fact that
A) monopolies don't have a supply curve. B) monopolies don't have a demand curve. C) monopolies have the same supply curve as perfectly competitive firms. D) monopolies maximize profit.