In the broadest sense, economics is the study of
a. production methods.
b. how society manages its scarce resources.
c. how households decide who performs which tasks.
d. the interaction of business and government.
b
You might also like to view...
Sammy has a drone that he values at $1,500. Dean values the same drone at $2,000. Sammy decides to sell the drone to Dean for $1,800. If the government imposes a $250 tax on the sale of drones,
A) Sammy and Dean would not be able to complete the transaction. B) Sammy and Dean would still be able to complete the transaction. C) the tax would cause a deadweight loss of $500. D) Both A and C are correct.
To develop a competitive advantage and increase their firm's profitability, managers need to understand what affects their revenues, costs, and their ability to set prices
Indicate whether the statement is true or false
Suppose firms A and B each make T-shirts. Firm A's production function is q = L0.5 K0.5. Firm B's production function is q = 1.2 ? L0.5 K0.5
If the two firms each hire the same amounts of capital and labor, compare the two firms in terms of APL and MPL.
If Healthy Bars sells its snack bars in the United States for $3 a bar and for $2 (dollar equivalent) in Mexico, this is an example of ________.
A) two-part pricing B) third-degree price discrimination C) peak-load pricing D) second-degree price discrimination