Say a pill existed that made people selfless. After taking it they were only interested in others, not themselves. Under the coordination definition of economics:
A. there would be a political problem but not an economic problem.
B. no economic problem would exist.
C. there still would be an economic problem.
D. there would be a social problem but not an economic problem.
Answer: C
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a. True b. False Indicate whether the statement is true or false
Suppose the observed annual quantity of steel exchanged in the European market is 30 million metric tons, and the observed market price is 90 euros per ton. If the price elasticity of demand for steel is -0.3 in Europe, what is an appropriate value for the price coefficient (b) in a linear demand function ?
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