Because resources are scarce, economists would say that
A) people's wants are unlimited.
B) anything worth doing is worth doing well.
C) every choice has an opportunity cost.
D) there are no benefits from cooperation.
E) the best things in life are always free.
C
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What is a mixed economy?
What will be an ideal response?
The prisoner's dilemma demonstrates that
a. breaking out of prison may be too costly for most prisoners b. the opportunity cost of being a prisoner is indeterminate c. the dominant strategies followed by two prisoners may lead to disequilibrium that is unpredictable d. the weak strategy may be followed by both prisoners if the opportunity cost is low e. the dominant strategies followed by two players may lead to an equilibrium that is less not optimal for both players together
Microeconomics is the branch of economics that deals with
A) highly aggregated markets or the entire economy. B) the production side of the economy, exclusively. C) the buying side of the economy, exclusively. D) human behavior and choices as they relate to relatively small units --- an individual, a firm, an industry.
Automobiles create externalities when they create congestion and waste the time of others.
Answer the following statement true (T) or false (F)