What is social choice?
What will be an ideal response?
Social choice is the problem of deciding what society wants. It involves the process of adding up individual preferences to make a choice for society as a whole.
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In the short run, finding the optimal amount of variable input involves which relationship?
A) MP = MC B) AP = MP C) MP = 0 D) MRP = MFC
Mary has invented a new mousetrap that she believes will be better than any other. To raise money for production, she talks with a ________________, which offers to provide her with enough money as well as advice and connections in exchange for a substantial percentage of her profits.
a. local bank b. stockbroker c. venture capital firm d. bond trading company
If the total costs of producing 1,500 units of output is $15,000 and this output sold to consumers for a total of $16,500, then the firm would earn profits of:
A. $1,000 B. $16,500 C. $1,500 D. $15,000
Explain why anti-branching laws often created credit crunches that slowed economic growth.
What will be an ideal response?