In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, economist Adam Smith argued that individuals
A) always tend to act in an altruistic manner.
B) always consider the impact of their actions on the welfare of others.
C) are motivated by self-interest.
D) are generally not concerned with economic questions.
C
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Refer to the table below. Suppose all firms in this industry have identical costs to this firm and are producing 15 units of output. One can predict thatQuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. firms will attempt to lower their implicit costs. B. price must rise. C. new firms will enter the industry. D. old firms will exit the industry.
A competitive strategy is
A) is the development of a price fixing arrangement. B) the development of a distinctive capability. C) a rent-seeking strategy. D) a path to accounting profits.
If the price of pizza falls, the demand for pizza will rise
a. True b. False Indicate whether the statement is true or false
A four-firm concentration ratio of 60 percent would indicate the likely presence of oligopoly
Indicate whether the statement is true or false