Social welfare is
a. a government program through which society takes care of low-income people
b. the overall well-being of people in the economy
c. measured by spending on party supplies, restaurant meals, and movie tickets
d. applies to sociology, not economics
e. All the answers are correct.
Question 2
A monopolistic competitor's demand curve is
a. perfectly elastic
b. less elastic than a monopolist's or oligopolist's but more elastic than a perfect competitor's
c. as elastic as an oligopolist's
d. more elastic than a monopolist's or oligopolist's but less elastic than a perfect competitor's
e. perfectly inelastic
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