In setting the production level, a firm's cost curves
a. by themselves do not tell us what decisions the firm will make.
b. dictate what decisions the firm will make.
c. have no bearing on what decisions the firm will make.
d. None of the above is correct.
a
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A consumption function is used to illustrate the choices a consumer faces in a world of scarcity
a. True b. False Indicate whether the statement is true or false
Explain the differences between the price leadership model and collusive oligopoly.
What will be an ideal response?
What causes movement from point A to point B on the curve?
a. an increase in the price level from PL1 to PL2
b. a rightward shift in the short-run aggregate supply curve
c. an increase in real GDP from RGDP2 to RGDP1
d. a decrease in the price level from PL2 to PL1
Behavioral economists have found that people are more willing to save if saving is the default option, as in the case in which they have to opt out of an automatic payroll deduction savings plan. Economists call this:
A. the status quo bias. B. efficient rationality. C. a rule of the game. D. the ultimatum game.