The term "satisficing" for decision-making behavior by many firms was coined by
a. Milton Friedman.
b. Adam Smith.
c. Herbert Simon.
d. Alan Greenspan.
c
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A movement from a point inside the production possibilities frontier to a point on the production possibilities frontier represents
A) a tradeoff. B) a free lunch. C) full employment of labor but not capital. D) unemployment of labor but not capital. E) an infinite opportunity cost.
In the figure below, if the market is a monopoly rather than perfectly competitive, the deadweight loss equals ________.
A) area A.
B) area B.
C) area C.
D) area A + area B.
Any supply curve that is a straight line passing through the graph's origin is unit elastic
a. True b. False
The law of increasing costs states that the opportunity cost of producing a good increases as more of the good is produced
Indicate whether the statement is true or false