"Competition is the great regulator." This statement reflects that
What will be an ideal response?
when competition is present, businesses have a strong incentive to serve the general public and therefore there is little need for regulation of competitive markets.
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If the relative price of one unit of good X is 5 units of good Y, then it follows that the absolute price of good X can be __________ and the absolute price of good Y can be __________
A) $20,000; $10,000 B) $40,000; $8,000 C) $30,000; $5,0000 D) $5,000; $40,000 E) a and c
A gift-giver's efficient number of gifts (to give to a gift-recipient) has fallen from 10 to 8. This could be because
A) the gift-giver's marginal benefit curve for giving gifts shifted down and left. B) the gift-giver's marginal cost curve of giving gifts shifted up and left. C) the gift-recipient "fell out" of the gift-giver's utility function. D) a and b E) none of the above