According to economic reasoning, you should follow Nike's advice and "Just Do It" when
What will be an ideal response?
the additional benefits are greater than the additional costs.
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If the price elasticity of supply for a good is 10, then supply is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
In the circular flow diagram, ________ supply the factors of production, and ________ goods and services
A) firms; sell B) households; buy C) firms; buy D) households; sell
After firm A acquired firm B, it raised the prices for the goods produced by both firms. This can increase profits if those goods are
a. Substitutes b. Complements c. Not related d. None of the above
According to public choice theory, a voter will favour a candidate whose political program is
a) favoured by the median voter b) perceived by the voter to be in his self-interest c) closest to efficiency d) all of the above