Scarcity implies that people must
A) be miserable.
B) be selfish.
C) make choices.
D) not be selfish.
C
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If there is excess demand in a perfectly competitive market, does the government need to intervene to restore the equilibrium price and quantity?
What will be an ideal response?
Refer to Scenario 12.2. The ideal mixed strategy for Jerome has Jerome waiting for Eliza to donate her kidney with ________ probability
A) 25% B) 55% C) 75% D) 85%
How do economists define efficiency? Elaborate
Refer to the information provided in Figure 24.4 below to answer the question(s) that follow.
Figure 24.4Refer to Figure 24.4. If aggregate expenditures are represented by AE2 and government spending increases by $20 billion, equilibrium aggregate output increases by $________ billion.
A. 100 B. 200 C. 400 D. 800