How does a successful movie illustrate self-interested choices that are also in the social interest?
What will be an ideal response?
The a successful movie increases the income of the people involved with the movie. Hence these people's choices are driven largely by self interest. However the creation of a successful movie also increases the quantity of widely enjoyed entertainment. The amount of entertainment available in the economy increases which benefits society. So the choices the people made in their self interest also reflected choices made in the social interest.
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Which of the following accurately explains the difference between slope and elasticity?
a. Slope uses percentage points; elasticity uses equilibrium points. b. Slope uses equilibrium points; elasticity uses percentage points. c. Slope uses relative percentage changes; elasticity uses units of measurement. d. Slope uses units of measurement; elasticity uses relative percentage changes.
The amount of time during which at least one input cannot be adjust is the
A. length of the long-run period. B. length of the short-run period. C. time period when all costs are fixed. D. end of the firm’s operations.