Barry Bonds and Jennifer Lopez have which of the following in common?
A) Neither of them faces the problem of scarcity.
B) Each of them acts solely in the public interest.
C) Each of them chooses to advance some projects over others.
D) None of the above.
C
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Other things being equal, a national health insurance program would
A) generate higher life expectancies and lower infant mortality rates. B) generate lower life expectancies and higher infant mortality rates. C) increase total health care expenditures. D) increase the quality of life.
In the long run, in the model of monopolistic competition, for a typical firm, price is
a. above average cost but equal to marginal cost. b. above marginal cost but equal to average cost. c. above marginal cost. d. equal to marginal cost and equal to or greater than average cost.