Which of the following statements describes economists' attitudes regarding the influence of social factors on the choices consumers make?
A) Economists believe social factors affect consumer choice in markets for public goods but not in markets for private goods.
B) Liberal economists believe social factors are very important; conservative economists do not believe social factors have any influence on consumers.
C) Economists traditionally believed they were unimportant, but many economists now believe social factors are important.
D) Economists formerly believed they were very important but now they believe they are not important.
C
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As the general population has aged, there has been an increase in the number of nursing homes, community health facilities along with the development of home care facilities. All of these factors have produced an increase in the demand for nurses. Simultaneously, improved job opportunities for women other fields have reduced the supply of nurses. Despite these factors, hospitals, the major employers of nurses, have resisted wage increases. The resulting situation can be described as
A. a cost disease in the service sector. B. a shortage of nurses. C. the problem of auxiliary restrictions. D. a wage floor problem.
All business firms should consider their fixed costs in determining the prices they set.
Answer the following statement true (T) or false (F)
Is an efficient market allocation fair? Explain
Figure 2-3
Which point in is not possible for this society to produce?
a.
A
b.
B
c.
C
d.
D
e.
E