At an antique auction, Ross hoped to purchase a mid-century coffee table for less than $400. When other bidders drove the price of the item above that level, he dropped out of the bidding. What economic concept does this story represent?
a. market efficiency
b. opportunity cost
c. marginal thinking
d. absolute advantage
c. marginal thinking
Economics
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The government budget deficit, ________, is ________ when saving exceeds domestic investment
A) (T - G), created B) (T - G), partially financed C) (G - T), created D) (G - T), partially financed
Economics
What are the reasons for preferring competition to monopoly?
Economics
Explain the changes that would cause the dynamic aggregate demand curve to shift.
What will be an ideal response?
Economics
In general, a firm's efficiency decision will result in
A. An unpolluted environment. B. A pollution-causing production process if that process minimizes costs. C. Lower prices for products associated with a pollution-causing production process. D. A plant that maximizes profits.
Economics