All economic questions and problems arise from
A) turmoil in the stock market.
B) the difference between self-interest and social interest.
C) the fact that society has more than it needs.
D) a society's wants exceeding what its scarce resources can produce.
E) the unequal distribution of income.
D
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Firms should raise the prices on their goods
a. If the demand for the product is elastic b. If it acquires a firm selling a complement good c. If it acquires a firm selling a substitute good d. Both a and c
In the classic 1944 movie Double Indemnity, Barbara Stanwyck plays Phyllis Dietrichson, a woman who has devised a scheme with insurance agent Walter Neff, played by Fred MacMurray, to trick her husband into signing a life insurance policy and then kill
him to collect the proceeds of the policy. In this scheme to murder her husband, Phyllis and her partner Walter took advantage of the husband when getting him to sign the life insurance policy, a situation which describes A) rational ignorance. B) the principal-agent problem. C) adverse selection. D) moral hazard.