Economic theory assumes people want
A) material goods primarily.
B) money in preference to all other goods.
C) more of everything.
D) to advance the projects in which they are interested.
E) what serves selfish rather than altruistic goals.
D
You might also like to view...
Refer to A Negative Externality Problem. The equation for social marginal cost is
Demand for a good is given by Q = 100 - P. The private marginal cost of production is MCP = 10 + Q. There is a $10 per unit negative production externality in this situation. a. MCS = 10 + Q b. MCS = Q c. MCS = 20 + Q d. MCS = 10 + 10Q
Assume the marginal product for a particular good is constant. Describe the shape of the total product function that would accompany it
What will be an ideal response?
If you must make a choice about consuming two apples, three oranges, or one candy bar, the opportunity cost of the candy bar is:
a. two apples. b. three oranges. c. two apples and three oranges. d. two apples or three oranges, whichever you prefer more. e. equal to the difference in the prices of the three options.
Varying the quantity of output produced and sold at preset prices is called:
A. self-correcting economics. B. Okun's law. C. meeting demand. D. spurring inflation.