Economists assume that
A) people put other people's interests ahead of their own.
B) individuals behave in unpredictable ways.
C) consumer behavior is explained by the existence of unlimited resources.
D) optimal decisions are made at the margin.
D
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If there is an excess supply of sport utility vehicles, then:
A. quantity demanded is greater than quantity supplied. B. quantity supplied is greater than quantity demanded. C. demand is greater than supply. D. supply is greater than demand.
If a new computer program was developed that dramatically improved productivity in most firms, what would happen in the labor market?
a. The real wage would not change but employment would decrease. b. The real wage would increase and employment would decrease. c. The real wage would decrease and so would employment. d. The real wage would decrease and employment would increase. e. The real wage would increase and so would employment.
Suppose economic stability in the United States increases. This will tend to cause which of the following to occur?
A) The demand for U.S. dollars will rise in the foreign exchange market. B) The supply of U.S. dollars will rise in the foreign exchange market. C) The demand for euros will rise in the foreign exchange market. D) Nothing will change in the foreign exchange market.
A cartel is a group of firms that ________ to make price and output decisions.
A. implicitly colludes B. are unable C. act independently D. explicitly colludes