Which of the following observations is true?

a. Free markets will achieve all of society's goals.
b. The ability to buy goods is divided equally among consumers.
c. The market deals with efficiency in production through the profit motive.
d. The market system encourages firms to use inputs wastefully.

c

Economics

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What is the "midpoint formula" and why is it used?

What will be an ideal response?

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Refer to above Table 2-2. The geometric average of the increase in real GDP between year 1 and year 2 is

A) 3.1%. B) 3.2%. C) 3.3%. D) 3.8%.

Economics