________ economics prescribes what an individual or society ought to do

Market failures occur whenever

A) private returns may be greater than social returns. B) social returns may be greater than private returns. C) the free market produces less than what is socially optimal. D) monopolies exist in a market. E) All of the above.

The "division of labor" refers to

a. discrimination in labor markets b. separating a job into smaller tasks completed by different people c. one worker who divides his time among different jobs and duties d. defining a job according to the appropriate sex e. the fact that two 20-year-olds are more productive than one 40-year-old