Adam Smith wrote that the:
a. economic problems of eighteenth-century England were caused by free markets.
b. government should control the economy.
c. pursuit of private self interest promotes the public interest in a market economy.
d. public or collective interest is not promoted by people pursuing their self interest.
c
Economics
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A firm can sell 10 units if the price is $100 and can sell 8 units if the price is $125. Using the midpoint method, what is the price elasticity of demand?
A) 0.75 B) 1.00 C) 1.25 D) 0.50 E) 0.0
Economics
If both the demand and supply increase, the equilibrium quantity ________ and the equilibrium price ________
A) increases; falls B) decreases; might rise, fall, or not change C) decreases; rises D) increases; might rise, fall, or not change
Economics