Economists assume people's choices
A) are inherently random.
B) are the result of greed.
C) cannot be predicted.
D) conflict with the actions or interests of everyone else.
E) create options for other people.
E
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
One of the most obvious clues to the relative scarcity of a product is
A) the limited selection of colors. B) the quality of the product. C) the variations in available sizes. D) its current market price.
International specialization and trade according to the principle of comparative advantage is mutually beneficial for all economies involved
a. True b. False Indicate whether the statement is true or false
According to the above figure, at a price of $6 per DVD, there is a
A. market equilibrium of 4000 DVDs per month. B. surplus of 4000 DVDs per month. C. shortage of 4000 DVDs per month. D. market equilibrium of 6000 DVDs per month.