Prostitution is legal in Churchill County, Nevada, but a referendum threatened to close two brothels (prostitution businesses) in that county. What idea from Chapter 1 of the text does this story best illustrate?
A) Sunk costs do not matter in making decisions.
B) Marginal revenue should equal marginal cost
C) Social and political forces sometimes rein in market forces.
D) Microeconomics and macroeconomics are very much interrelated.
Correct Answer:
Verified
Q52: For a given benefit, a rational person
Q53: Antitrust laws are an example of:
A) social
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Q55: An economic force given relatively free rein
Q56: Microsoft has just taken some senators out
Q58: Economic forces:
A) are a reaction to scarcity.
B)
Q59: The opportunity cost of attending college for
Q60: When your wages rise, the:
A) opportunity cost
Q61: The price mechanism is:
A) not affected by
Q62: Social forces:
A) affect the price mechanism through
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