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The Invisible Hand Principle indicates that competitive markets can help promote the efficient use of resources
a. only if buyers and sellers really care, personally, about economic efficiency.
b. even when each market participant cares only about their own self interest rather than about the overall efficiency of resource use.
c. even if business firms fail to produce goods efficiently.
d. if, and only if, businesses recognize their social obligation to keep costs low and use resources wisely.
Compute the (point) price elasticity of demand when price is $700. Is demand elastic or inelastic. Find the point at which point elasticity is equal to -1.
Kaufmann's offers only an hourly wage. Do you expect Kaufmann's hourly wage to be higher or lower than Farleigh's.
Illustrate what cost as well as quantity will result once the patent expires and competition emerges in this market.
Does either player have a dominant approach Does either have a dominated approach. Explain.
Suppose that in year 2008, the money supply is $400 billion, nominal GDP is 9 trillion, and real GDP is $4 trillion. Illustrate what is the price level. What is the velocity of money.
If Sammy refuses to contribute to the butterfly garden, he'll not be able to enjoy its benefits if it is built.
Given the difficulties which the regulation of public utilities faces that would it not is better to nationalize public utilities as several European countries have done.
Disability payments replace a higher fraction of the wages of low-wage workers than of high-wage workers.
Ssuppose which the benefit to the villagers of each additional cow grazing on the commons declines as more cows graze as each additional cow has less grass to eat than the previous one.
You are also aware that sometimes when you and the other project members are slaving away over the project, she is playing golf with senior managers. Illustrate what is your evaluation of her behavior.
Is the market for coffee perfectly competitive. Elucidate does the coffee market meet all six conditions of a perfectly competitive market.
Illustrate what would happen if too more labor is hired without an addition to capital. Elucidate using economic terms.
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