Refer to the information provided in Figure 15.1 below to answer the question(s) that follow. Below are cost curves for Dom's Barber Shop, a monopolistically competitive firm. 
Figure 15.1 Refer to Figure 15.1. From society's point of view, the ________ level is 25 haircuts.
A. minimum output
B. monopoly output
C. shut down
D. efficient output
Answer: D
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Adam Smith believed that the individual pursuit of self-interest:
A. should usually be discouraged. B. always leads to an efficient outcome. C. is impossible in a perfectly competitive market. D. often promotes the broader interests of society.
The tools of monetary policy are
A) government spending, tax rates, and the required reserve ratio. B) open market operations, differential between the discount rate and the federal funds rate, and the required reserve ratio. C) open market operations, differential between the discount rate and the federal funds rate, and tax rates. D) open market operations, government spending, and the required reserve ratio.
One advantage of a proprietorship is that
A) it is relatively easy to raise financial capital for a proprietorship. B) a proprietorship is relatively easy to form and to dissolve. C) there are limits to the possible liabilities of the owner. D) depreciation rates on capital are higher.
One common example of a price ceiling is rent control
a. True b. False Indicate whether the statement is true or false