The fair rules approach to fairness requires
A) that consumer surplus equal producer surplus.
B) income transfers from rich to poor.
C) property rights and voluntary exchange.
D) that marginal cost equal marginal benefit.
E) that consumer surplus exceed producer surplus because there are more consumers than producers.
C
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Given that Sandy can produce 10 economics reports or 2 sales calls and Tim can produce 2 economics reports or 1 sales call, which of the following would NOT be a mutually agreeable terms of trade for Sandy and Tim?
A) 1 economics report for 1 sales call B) 1 sales call for 3 economics reports C) 1 sales call for 4 economics reports D) 1 economics report for 1/4 of a sales call
A potential drawback of using the standard deviation to measure risk is that
A) positive and negative deviations from the mean cancel each other out. B) both positive and negative deviations are included to compute deviations around the mean. C) the probability distribution of returns is symmetrical. D) None of the above.