What are two arguments against using the economic method?
a. It is not a fair and diverse approach.
b. It is not possible to prove that people behave rationally.
c. People do not and should not take only economic factors into their decision making.
d. It is too complicated and theoretical.
c. People do not and should not take only economic factors into their decision making.
You might also like to view...
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
An incumbent monopolist producing more output than necessary might be able to keep potential rivals from entering
A) by flooding the market with products below its marginal cost in the short run. B) if learning by doing reduces marginal cost. C) if the long-run marginal cost can be lowered below the potential entrant's short-run marginal cost. D) All of the above.
Price and concentration ratios are inversely related
Indicate whether the statement is true or false
Rent-seeking behavior refers to
A. the offering of goods on a for-rent rather than for-sale basis. B. profit maximization by producers. C. unproductive activity in the pursuit of economic profit. D. illegal manipulation of prices.