10. Which of the following best explains Adam Smith's proposition that a competitive market free of coercion, fraud and monopoly leads people to serve the public good in spite of their proclivity towards self-interest? O b) In a market system, free from government coercion, people are free to pursue their self-interest which will inevitably serve the public good. O a) Adam Smith argued that in a situation free of coercion, fraud, and monopoly, the only way for individuals to advance their self-interest is to provide a better service or good, and this serves the public interest. O c) A competitive market serves the public good because without monopolies people have more choices and lower prices and as a result will spend more money, which grows the economy. O d) In a competitive market the absence of monopolies, coercion and fraud leads people to be more public-minded, focus less on self-interest, and serve the public good.

10. Which of the following best explains Adam Smith's proposition that a competitive market free of coercion, fraud and monopoly leads people to serve the public good in spite of their proclivity towards self-interest? O b) In a market system, free from government coercion, people are free to pursue their self-interest which will inevitably serve the public good. O a) Adam Smith argued that in a situation free of coercion, fraud, and monopoly, the only way for individuals to advance their self-interest is to provide a better service or good, and this serves the public interest. O c) A competitive market serves the public good because without monopolies people have more choices and lower prices and as a result will spend more money, which grows the economy. O d) In a competitive market the absence of monopolies, coercion and fraud leads people to be more public-minded, focus less on self-interest, and serve the public good.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter9: Monopoly

Section: Chapter Questions

Problem 31P: Return to Figure 9.2. Suppose P0 is 10 and P1 is 11. Suppose a new firm with the same LRAC curve as...

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