Wants
A) is another term for needs.
B) refer to services while needs refer to goods.
C) is the term used by economists instead of needs because needs are not objectively definable.
D) are used by economists and refer to the same thing as needs when used by psychologists.
Answer: C
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The three motives that John Maynard Keynes identified for why people hold money are the _______, ________ and _______ motives.
Fill in the blank(s) with the appropriate word(s).
Dave and Buster play two games of tennis, and then decide to go have lunch. Using the concept of utility to explain their choices, we can conclude that:
A. the marginal utility from playing a third game must be less than the marginal utility from having lunch. B. the marginal utility from playing a third game must be negative for them. C. they each won one game of tennis. D. All of these must be true.
Average product is equal to
A) marginal product + total product. B) total product ÷ marginal product. C) total product ÷ quantity of labor. D) total product × quantity of labor. E) marginal product × quantity of labor.
Which of the following is a subtle way for a company to reassure their competitors that it is committed to a tit-for-tat strategy?
A. Setting prices below cost B. Price-matching guarantees C. Collusion D. Offering a commitment strategy