Utilitarianism is the idea that only
A) competition brings efficiency.
B) efficiency brings equality.
C) income equality is fair.
D) efficiency is fair.
C
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Discuss the differences between developing and emerging market economies
What will be an ideal response?
Which of the following occurred during World War I (1914–18)?
(a) Private markets largely influenced resource allocation. (b) Non-market controls imposed by the government. (c) New income taxes financed 100 percent of the war. (d) Corporate America voluntarily financed 100 percent of the war efforts to protect their interests.
A firm's marginal resource cost curve is
a. horizontal only if the firm is a price taker in the product market b. horizontal only if the firm is a price taker in the resource market c. vertical only if the firm is a price taker in the product market d. vertical only if the firm is a price taker in the resource market e. horizontal only if the firm is a price taker in both the product and resource markets
The demand curve is downward-sloping because of the law of ____
a. diminishing marginal utility b. diminishing consumer equilibrium c. consumer equilibrium d. diminishing utility maximization