When the market is in equilibrium, with no government intervention,
a. Total surplus is minimized
b. Total surplus is maximized
c. Government maximizes total revenue
d. None of the above
Question 2
Your cellular phone contract is due for renewal and the company offers you a new free phone. Since you want to use your new phone, you decide to recycle your old phone. Your action
a. Creates wealth by moving the phone from lower value use to higher value use
b. Destroys wealth since you lose your phone
c. Creates wealth by making you feel richer
d. All of the above
In 2008, the U.S. economy suffered a gaping wound as several trillion dollars were ripped out of it.
L. Frank Baum, author of The Wonderful Wizard of Oz (1900) and a fan of William Jennings Bryan, perh
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A company purchased 26 desks for $240 each and 18 chairs for $59 each. Compute the total ...
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