Ex-London School of Economics student Mick Jagger sang, "You can't always get what you want, but if you try sometime, you just might find you can get what you need." Another statement of the basic economic principle expressed in this lyric is that
a. rational decisions are not always possible.
b. you can allocate your resources to what gives you the highest value.
c. you can create the supply to meet your own demand.
d. you can maximize social welfare by making optimal decisions.
b
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Using the information in the table above, what does GDP equal?
A) $365 billion B) $350 billion C) $650 billion D) $380 billion E) GDP cannot be calculated without information on the amount of investment.
A natural monopoly market is characterized diseconomies of scale over the entire range of output.
Answer the following statement true (T) or false (F)
What is the nature of the elasticity of the demand curve faced by perfectly competitive firm?
a. Perfectly inelastic b. Perfectly elastic c. Unit elastic d. Highly elastic
A commercial bank's reserve ratio equals the ratio of its reserves to its:
A. required reserves. B. assets. C. deposits. D. excess reserves.