The way that a society uses to allocate resources to satisfy human wants is called

A) an economic system.
B) an assumption.
C) realism.
D) a physical science.

A

Economics

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If an activity is worth pursuing at all, then the only information the decision maker needs to make a choice is

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Exhibit 30-4

?

A. 1; ACB B. 3; BCD C. 2; BCD D. 3; ACB E. 2; ACB

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Suppose TC = 10 + (0.1 ? q2). If p = 10, the firm's profit-maximizing level of output is

A) 40. B) 50. C) 60. D) 0, since the firm will shut down.

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A move from D1 to D2 is a(n): _____.


A. an increase in quantity demanded
B. a decrease in quantity demanded
C. an increase in demand
D. a decrease in demand

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