Adam Smith advocated laissez-faire because he believed it was in the interest of:
A. society as a whole.
B. capitalists, whom he regarded as the most dynamic and progressive element in society.
C. the proletariat, who would receive higher wages.
D. the government, which would profit from higher taxes.
Answer: A
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A monopolistically competitive firm has ________ power to set the price of its product because ________
A) no; there are no barriers to entry B) some; there are barriers to entry C) no; of product differentiation D) some; of product differentiation
Suppose Betty spends her monthly allowance on buying computer games, watching movies, and parasailing. If an increase in her monthly allowance increases her expenditure on parasailing activities we can say that:
a. parasailing is an inferior good. b. computer games are inferior goods. c. parasailing is a normal good. d. computer games are normal goods.