Economic theory assumes people will not do what is in the interest of all unless it is in the interest of
A) each.
B) humanity.
C) the government.
D) the public.
E) their own pocketbooks.
A
Economics
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a. allows specialization, which increases costs. b. allows specialization, which reduces costs. c. reduces specialization, which increases costs. d. reduces specialization, which reduces costs.
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What do economists call the difference between the most an individual is willing to pay for an item and what the individual actually has to pay?
a. price elasticity b. consumer surplus c. indifference curve d. payment terms
Economics