In economics, one of the problems with the concept of “need” is that it ignores ______.
a. opportunity
b. efficiency
c. scarcity
d. security
c. scarcity
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An indifference curve diagram has movies on the vertical axis and sodas on the horizontal
As the consumption of sodas increases and movies decreases (moving southeast along an indifference curve) the marginal rate of substitution of sodas for movies A) rises. B) falls. C) does not change. D) probably changes, but more information is needed to determine if it rises or falls.
Refer to the accompanying figure. If the price is $4 today and there is no change in either supply or demand, one would expect the price in the future to be:
A. less than $4. B. greater than $4. C. greater than $6. D. $4.
Which of the following is true?
A. In ordinary least squares estimation, each observation is given a different weight. B. In weighted least squares estimation, each observation is given an identical weight. C. In weighted least squares estimation, less weight is given to observations with a higher error variance. D. In ordinary least squares estimation, less weight is given to observations with a lower error variance.
Refer to the above graph of the representative firm in monopolistic competition. Marginal revenue and marginal cost intersect at point:
A. a. B. b. C. c. D. d.