The situation described in the book as "smart for one, dumb for all" occurs when:
A. individuals act rationally, so there are no unexploited opportunities for society as a whole.
B. individuals make better decisions when they are alone than when they are part of a group.
C. individuals act rationally, but there are still unexploited opportunities for society as a whole.
D. individuals make better decisions when they are part of a group than when they are alone.
Answer: C
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What will be an ideal response?
If price is cut and demand is elastic, then
A) total revenue will fall. B) total revenue will not change. C) quantity demanded will fall. D) total revenue will rise.
An over-the-counter (OTC) market is:
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A data set is called an unbalanced panel if it has missing years for at least some cross-sectional units in the sample.
Answer the following statement true (T) or false (F)