If one really believes that price spikes known as "price gouging" are due to a surge in greed among suppliers, then
A) they haven't quite mastered the economic way of thinking.
B) their comfort in knowing that thousands if not millions of others agree with them is not sufficient economic evidence to conclude that their claim is correct.
C) their claim implies that significant price decreases are due to a sudden reduction in greed among suppliers.
D) all of the above are true.
D
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Opportunity costs arise due to scarce resources.
Answer the following statement true (T) or false (F)
During 2016, Victor?s consumption equals $30,000 and the change in his net worth is -$5,000. Victor?s economic income for 2013 is
A. $5,000. B. $25,000. C. $30,000. D. $35,000.
Which of the following is not consistent with perfect competition?
a. all firms face the same costs. b. firms cannot determine the price of the goods they sell. c. the marginal product of labor is diminishing. d. firms negotiate the same wages for different workers.
If MPP is decreasing, total output must be decreasing
Indicate whether the statement is true or false