Economic welfare is generally measured by (i) profit. (ii) total surplus. (iii) the price consumers pay for the product
a. (i) and (ii) only
b. (ii) and (iii) only
c. (ii) only
d. (i), (ii), and (iii)
c
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What will be an ideal response?
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What will be an ideal response?
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Answer the following statement true (T) or false (F)
Which of the statements best describes the difference between economic regulation and social regulation?
A) There are no significant differences between economic and social regulation, social regulation is a more modern way of regulating an economy. B) Economic regulation focuses on output and price; social regulation focuses on improving the quality of life. C) Social regulation focuses on output and price; economic regulation focuses on quality of life issues. D) Social regulation targets industries like transportation, while economic regulation targets utilities.