Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 4CQ
To determine
Whether the business people exploit the needs of customers and gains of business.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Economics is the study of how a society manages its resources to
Being able to make an item at a lower cost than anyone else can make it is an advantage? True or False
If an economy cannot produce more of one good without producing less of another good, this implies that which of the following has been achieved?
production efficiency
minimum marginal cost
maximum marginal benefit
PPF efficiency
allocative efficiency
Chapter 2 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
Knowledge Booster
Similar questions
- Self-interested behavior can lead to positive social results. Adam Smith says that the actions of self-interested individuals produces a property called the "invisible hand" that will _____________. Select the correct answer below: A. only benefit them but not society as a whole B. reduce the overall well-being of both these individuals and society as a whole C. also lead to a promotion of the greater good D. none of the above.arrow_forwardBased on the concepts of production and cost. PART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods?arrow_forwardWhat type of economists believe that markets naturally self-correct, and will reward good strategies and punish bad ones?arrow_forward
- Which of the following refers to an economy which most economic decisions are made by the government and not by buyers and sellers who may be individuals or firms? Financial Capital markets Free markets Command economies Market-Oriented economiesarrow_forwardIdentify the relevant economic concept which can be matched to the descriptions below. Simple give the question number and the relevant terms/ words in each case Q.1.1 Government sets a price level in a market that is aimed at assisting consumers Q.1.2 Quantity demanded is less than quantity supplied Q.1.3 A situation where the quantity supplied of a good is highly sensitive to a change in the price of the good Q.1.4 A curve showing combinations of two goods that provide a consumer with a constant amount of utility Q.1.5 The addition to total output when one more worker is hired, ceteris paribusarrow_forwardWhich of the following is an example of an incentive? A. Purchases from a store earn the buyer rewards such as discounts on future purchases. B. Heavy taxes on unhealthy foods. C. Government campaign to get people to exercise D. Selling someone a product that you made.arrow_forward
- The act of using goods and services to satisfy the human wants is known as ______arrow_forwardIf executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which firms will produce what quantity of the good or service, then what are they doing?arrow_forwardWhat are the different effects of MARKET FAILURE on humans, society, and the economy? Give at least five of each factor.arrow_forward
- Avon pays its sales personnel a commission for every sale they make. Which economic principle is Avon trying to apply? Group of answer choices A)People face trade-offs B)Trade can make everyone better off C)Markets can make everyone better off D)People respond to incentivesarrow_forwardA curve that shows various combinations of two goods that a country can produce when all of the country’s resources are fully employed and used in efficient manner: Select one: a) Supply Curve b) Budget Line c) Production Possibility Frontier d) Demand Curve e) None of the options are correctarrow_forwardA __________ system is a method of making economic decisions that allows individuals and firms to decide who gets what and how using a voluntary exchange.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning