Suppose that antitrust laws were successful in moving the allocation of resources in the computer software industry closer to the social optimum. This situation would illustrate which of the following Ten Principles of Economics?
a. Trade can make everyone better off.
b. The cost of something is what you give up to get it.
c. Governments can sometimes improve market outcomes.
d. A country's standard of living depends on its ability to produce goods and services.
c
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At full employment, actual ________ equals ________
A) real GDP; potential GDP B) real GDP; nominal GDP C) unemployment; zero D) potential GDP; nominal GDP E) nominal GDP; potential GDP
Based on the table and information in the previous question, which of the following is TRUE?
A) George prefers to make $15,000 with certainty than make the investment. B) George prefers making the investment than to make $15,000 with certainty. C) George is indifferent between making $15,000 with certainty and making the investment. D) As the investment has risk George should not make it under any circumstances.