When your outcomes depend on another's choices, asking ________ is the key to good decision making.
A. what the wants and constraints are of those involved
B. what the trade-offs are
C. how will others respond
D. why everyone isn't already doing it
Answer: C
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The price of peaches goes up and I observe you buying fewer strawberries. This implies strawberries must be a normal good.
Answer the following statement true (T) or false (F)
Explain how the price system eliminates a shortage
What will be an ideal response?
The slope of the consumption function is equal to: a. the MPC
b. the MPS. c. 1/(1 - MPC). d. MPC - MPS.
Market economies have air and water pollution, but nonmarket economies
A. have much less pollution. B. have pollution that is much worse than in market economies. C. have about the same amount of pollution as market economies. D. do not generally suffer from external effects of any sort.