Which of the following is necessary for the invisible hand of market prices to work properly?
a. buyers and sellers who generally tend to disregard their own self-interest
b. democratic political procedures and highly regulated markets
c. price controls that restrict the movement of market prices
d. competition and property rights that are well-defined and enforced
D
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One opportunity cost associated with going to college is
A) purchasing text books. B) paying tuition. C) giving up employment possibilities while in college. D) paying for room, board, and other living expenses.
Where there are spillover (or external) benefits from having a particular product in a society, the government can make the quantity of the product approach the socially optimal level by doing the following except:
A. Subsiding the buyers of the product B. Taxing the sellers of the product C. Subsidizing the sellers of the product D. Providing the product itself