« previous next »

Author Question: The area of economic profit shown in the above figure for the single-price monopolist is A) bed. ... (Read 65 times)

Mollykgkg

  • Hero Member
  • *****
  • Posts: 529
on: Jun 29, 2018
The area of economic profit shown in the above figure for the single-price monopolist is
 
  A) bed.
  B) P3P5fc.
  C) 0P5fQ1.
  D) 0P4eQ3.

Question 2

Explain the difference between the fair rules and the fair results guidelines for competitive market fairness.
 
  What will be an ideal response?


Kdiggy

  • Sr. Member
  • ****
  • Posts: 340
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

Economists do not agree on how to judge whether an outcome is fair. Some believe that an outcome is not fair if the results are not fair. Consider how incomes are distributed by the labor market. Because income is not distributed equally, one group of economists believes that the labor market is not a fair market. To make the outcome (and results) fair, these economists believe that income should be redistributed by the government.
Other economists are not concerned with fair results. They aren't concerned with the unequal distribution of income as long as the rules to earn income are fair. As long as there is voluntary exchange and property rights are enforced, this group of economists believes the market outcome is fair.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates’s recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

The human body produces and destroys 15 million blood cells every second.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Label the four mutated DNA segments shown below according to the type of point mutation each ... Label the four mutated DNA segments shown below according to the type of point mutation each ...
Prestige can sometimes be converted into property. Shown here is “Snooki” Polizzi, a reality ... Prestige can sometimes be converted into property. Shown here is “Snooki” Polizzi, a reality ...
Shown here is Pope Leo III crowning Charlemagne king of the Franks in 800. Shown here is Pope Leo III crowning Charlemagne king of the Franks in 800.
economic question economic question
economic question economic question
Economic question Economic question
Video: Polysaccharides

For a complete list of videos, visit our video library