The textbook's example of urban traffic flows demonstrates the notion of single-minded pursuits of one's own best interest
A) creates traffic jams.
B) interferes with achievement of the public interest.
C) produces social cooperation under appropriate rules of the road.
D) will not work to any single person's advantage.
E) will work to some people's advantage but will harm the vast majority.
C
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Bid-rigging has all of these features EXCEPT
a. It is a collusive agreement b. The bid-riggers pay a smaller amount than without bid-rigging c. Bid-riggers need an auxiliary mechanism to allocate the good within the bid-riggers d. Bid rigging is usually a legitimate and legal strategy for the buyer-side
Your roommate tells you she's going to join the gym next week. A week and a half goes by and you ask her how the gym is going, and she tells you she's going to wait until the following week. Your roommate's preferences are:
A. better today than tomorrow. B. time inconsistent. C. mistakes. D. considered bad choices.
The precise definition of GDP is the total value of all
a. goods and services produced by a nation, minus household labor b. goods and services produced by a nation, minus depreciation c. goods and services produced for the marketplace during a given period d. final goods and services produced for the marketplace during a given period, within a nation's borders e. final goods and services produced within a nation's borders and by this nation's citizens abroad during a given period
Negative market feedback refers to a tendency for
A. one or two firms in an oligopolistic industry to respond to price decreases by initiating efforts to engage in price leadership. B. the dominant firm in an oligopolistic industry to react to competing firms' price increases by decreasing the price of its own product. C. price wars to break out in oligopolistic industries in which firms produce products possessing characteristics that make them prone to network effects. D. a particular product to fall out of favor with additional consumers because other consumers have stopped purchasing the product.