Economists Conclude That the Only Way to Measure Fairness Is

question 312

Multiple Choice

Economists conclude that the only way to measure fairness is

• A) to insure that the rules are fair.
• B) to insure that the result is fair.
• C) to insure that both the rules and the result are fair.
• D) to compare the allocatively efficient quantity to the equilibrium quantity.
• E) None of the above answers is correct.

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Definitions:

Revenue

The total income generated from normal business operations, such as sales of goods or services, before any expenses are deducted.

Firm Increases Price

A strategic decision by a company to raise the selling prices of its products or services, possibly due to increased costs or in response to high demand.

Rational

Referring to thinking or decision-making that is based on logic or reason rather than emotions.

Optimizing

The process of making something as effective, functional, or profitable as possible.