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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

Economics has been called the “dismal science” because it sometimes “tells us” that things are true when we would prefer them to be false. For example, although there are no free lunches, might we prefer that there were? Was there anything in this chapter that you learned was true that you would have preferred to be false? If so, identify it. Then explain why you would have preferred it to be false.

To determine

Economics as a dismal science.

Explanation

The chapter deals with many examples which are true yet preferred to be considered false. For example, the medical care being expensive due to the presence of insurance agents. It can be understood that the medical care would become less expensive when third parties are involved...

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