A problem that exists when naturally occurring incentives encourage sufficient numbers of people to act in a way that makes everybody worse off is called a
A) zero-sum problem.
B) cause-and-effect problem.
C) collective action problem.
D) trade-off.
C
Economics
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"A doubling of the price of gasoline in the 1970s did not reduce consumption one iota." The person making the above claim evidently thinks the demand for gasoline is
A) completely elastic. B) completely inelastic. C) greater than the supply. D) less than the supply. E) unit elastic.
Economics
In monopolistic competition, in the short run a firm maximizes its profit by selecting an output at which marginal cost equals
A) average total cost. B) marginal revenue. C) price. D) zero.
Economics