Why is it that all of our wants cannot be satisfied?
A) because of shortages
B) because we cannot seem to decide what we really want
C) because other people try to change your mind about what you want
D) because limited resources mean all the goods we want cannot be obtained
Answer: D
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A) firms are price setters. B) barriers to entry are high. C) firms earn positive economic profit in the long run. D) products are undifferentiated.
Behavioral economists use findings from psychology to explain complex consumer behavior that cannot always be explained by traditional economic models
a. True b. False Indicate whether the statement is true or false
MPP is the additional output that results from a one-unit increase in use of the input
a. True b. False Indicate whether the statement is true or false
A change in the price of a competing product will shift demand.
a. true b. false