Economic choice and competitive behavior are the result of
What will be an ideal response?
scarcity
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Growth accounting, popularized by Robert Solow, attempts to attribute a change in aggregate output
A) to its most important single cause. B) separately between changes in government policy and changes in total factor productivity. C) separately between changes in total factor productivity and changes in the supplies of factors of production. D) separately between changes in the supplies of factors of production and changes in government policy.
An online shoe retailer wants to introduce handling charges for purchases less than $50 . How should the retailer pose the charges to its customers to improve its chances of being well-received?
a. Introduce it separately as handling b. Lump it together with shipping costs, but don't let the customer know until they check out c. Introduce it as free above $50 d. Hide it from the customer
Which of the following factors that affect our well-being does GDP fail to adequately account for?
a. changes in the quality of goods b. externalities c. leisure d. all of the above
Refer to the diagram for a purely competitive producer. If product price is P 3 :
A. the firm will maximize profit at point d.
B. the firm will earn an economic profit.
C. economic profits will be zero.
D. new firms will enter this industry.