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Author Question: Review the following statement. He who has choice has pain. What is meant by this? What will be ... (Read 71 times)

mrsjacobs44

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on: Jun 29, 2018
Review the following statement. He who has choice has pain. What is meant by this?
 
  What will be an ideal response?

Question 2

If the natural monopoly shown in the figure above is unregulated, then consumer surplus will be
 
  A) 0.
  B) 4 million.
  C) 8 million.
  D) 16 million.


polinasid

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Reply #1 on: Jun 29, 2018
Answer to Question 1

He who has choice has pain refers to the sad but unavoidable fact that whatever we decide to do is going to have a cost. If we decide to buy a hamburger it means we can't buy a chicken sandwich. The sentence is primarily focused on the idea that all choices involve opportunity costs.

Answer to Question 2

B


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