Institutions are particularly important for inducing people to engage in productive activities that add to total output rather than:

Select one:

a. productive activities that only add to their personal well-being.

b. transfer activities that merely take welfare-enhancing goods from one person or group and give them to another without increasing the total amount of goods produced in the economy.

c. non-productive government activity.

d. productive activities that produce only what consumers want.

Monopoly firms have:

Select one:

a. downward-sloping demand curves, so they can sell as much output as they desire at the market price.

b. downward-sloping demand curves, so they can sell only the specific price-quantity combinations that lie on the demand curve.

c. horizontal demand curves, so they can sell as much output as they desire at the market price.

d. horizontal demand curves, so they can sell only a limited quantity of output at each price