On what assumption is the idea of Rawlsian justice based? Explain
What will be an ideal response?
Rawlsian justice is based on the assumption of risk aversion. If individuals are risk averse, people will be worried about the least fortunate members of society because anyone could end up there.
Economics
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For productive efficiency to hold
A) price must equal the marginal cost of the last unit produced. B) price must equal marginal revenue of the last unit sold. C) the average variable cost must be minimized in production. D) the average total cost must be minimized in production.
Economics
A speculative bubble causes
a. current prices to sink artificially low. b. current prices to rise artificially high. c. no current price changes, only possible future changes. d. undervaluing of stock prices.
Economics