Economists assume that tastes and preferences of individuals are:
a. constantly in flux.
b. determined by product prices.
c. unchanged during one's life.
d. given and are relatively stable.
d
You might also like to view...
Which of the following helps in preventing firms in the U.S. from forming collusive agreements?
A) The low demand faced by colluding firms B) The antitrust policy of the government C) The high rate of corporate income taxes D) The low profit earned by firms after colluding
On-budget expenditures:
What will be an ideal response?
A short-run cost function assumes that
A. all inputs are fixed in supply. B. at least one input is fixed in supply. C. the level of output is fixed. D. both a and b E. both b and c
The Federal Reserve System is the central bank of the United States.
Answer the following statement true (T) or false (F)