Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter ST10, Problem 5CQ
To determine
Necessity of water in life.
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Economics: Private and Public Choice
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- Do you think that it is better to be efficient or to have a choice about prices, color, size, etc.? Why or why not? Do you feel that choices about a good help to offset the inefficiencies?arrow_forwardDiscuss what markets are?arrow_forwardInstructions There is often a temptation to take a dim view of profits. Some people seem to believe profits come at the expense of buyers. It is easy to reason that if profits were lower, prices could be lower thus benefiting consumers. a. What are economic profits? Explain in detail. b. Do economic profits harm the interests of consumers? Explain in detail. c. Can there be a socially useful outcome when economic profits exist? Explain in detail. d. Do lower prices always benefit consumers? Explain in detail.arrow_forward
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