The most fundamental concept in economics is that
What will be an ideal response?
Changes in incentives influence behavior in a predictable way-- people will be less likely to choose an option as it becomes more expensive.
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The New Deal was the economic program of
A. Herbert Hoover. B. Franklin D. Roosevelt. C. Dwight D. Eisenhower. D. Lyndon B. Johnson.
A firm would decide to shut down if its production resulted in
A) MR < ATC. B) ATC > AVC. C) AFC > AVC. D) MR < AVC.
What economic impact would the closing of a nearby military base have on a town? Would people and businesses that did not directly deal with the military personnel be affected?
What will be an ideal response?
Cartel members are motivated to increase production beyond their quotas because they are at a point where, if they can increase their own production without affecting the cartel price,
A. they are making a profit. B. their marginal cost exceeds their marginal revenue. C. they are making a loss. D. their marginal revenue exceeds their marginal costs.