Economists use theories to:
a. abstract from the complexities of the world.
b. understand economic behavior
c. explain and help predict human behavior.
d. do all of the above.
d
You might also like to view...
Katie has a choice of spending $6.00 for another hamburger, which has a marginal utility of 30, or $9.00 for another pizza. For her to choose the pizza, it would have to have a marginal utility of at least
A) 9. B) 30. C) 31. D) 46.
Economies of scale refer to the range of output over which
A) marginal cost exceeds average cost. B) the long-run average cost falls as output increases. C) the marginal product of labor diminishes. D) the long-run average cost is less than the short-run average total cost.
What is the importance of measuring per capita GDP?
All of the following, except one, are sources of product differentiation. Which is the exception?
a. product quality b. location c. price d. consumer tastes e. buyers' perceptions