Which of the following is not a correct statement about individual and group preferences?
a. Individuals have preferences
b. Groups have preferences
c. Individuals within groups have preferences
d. Groups make collective decisions on behalf of their members
b
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The rule of reason refers to the interpretation of the courts that dominant firms should be broken up because of their:
A. market share dominance, regardless of their business practices. B. illegal business practices, not based on their market dominance alone. C. marginal cost pricing, rather than average cost pricing. D. average cost pricing, rather than marginal cost pricing.
The dispute over the pay of chief executive officers (CEOs) of U.S. corporations hinges on whether or not such pay:
A. should be granted for past performance or for current performance. B. is determined in a competitive labor market or in a monopsonistic labor market. C. is justified on productivity grounds or mainly reflects an overestimation of CEO importance by corporate boards of directors. D. should contain performance incentives such as stock options, stock shares, or bonuses.
To achieve economic efficiency in energy use, an economy:
A. often uses a variety of energy sources. B. must use the single energy source in which it can achieve economies of scale. C. should use all energy sources in equal proportion. D. should only use domestically produced energy.
Discuss what is meant by the paradox of saving
What will be an ideal response?