The dynamic process of competition
a. is hindered by the self-interest of business decision makers.
b. puts the profit motive of sellers to work for buyers.
c. conflicts with the interest of consumers when businesses pursue profit rather than the public interest.
d. will permit business decision makers to earn long-run economic profit unless they are regulated by government.
B
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Keynes used the term "animal spirits" to refer to the_____.
A. institutional factors that lead to economic downturns B. economic forces that lead markets to reach equilibrium C. psychological factors that lead to shifts supply and demand D. forces that lead firms to enter a market in response to profit opportunities
A severe drought has damaged this year's lettuce cro
A) decrease in the demand for lettuce. B) decrease in the supply of lettuce. C) decrease in both the demand and supply of lettuce. D) rightward movement along the demand curve for lettuce.
Policy actions designed to allow relatively open competition in national stock and bond markets are called
A) capital market liberalization. B) financial sector deregulation. C) cross-border mergers and acquisitions. D) regulatory arbitrage.
Social costs of a good are equal to
A) external costs minus private costs. B) private costs minus external costs. C) private costs plus external costs. D) external costs divided by the private costs.