In the real world, ____ factors that affect demand and supply can change at once.
a. many
b. isolated
c. no
d. psychological
a. many
In the real world, many factors that affect demand and supply can change at once.
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The fact that most people make some decisions based on intuition rather than calculation is:
A. inconsistent with the cost-benefit model, but still rational. B. consistent with the cost-benefit model because most people intuitively weigh costs and benefits. C. consistent with the cost-benefit model because calculating costs and benefits is irrational. D. irrational, because intuition is usually wrong.
If all workers and all jobs were the same such that all workers were equally well suited for all jobs, then there would be no
a. cyclical unemployment. b. frictional unemployment. c. natural rate of unemployment. d. structural unemployment.
In perfect competition and ________, economic profit will move towards zero.
A. monopolistic competition B. natural monopoly C. monopoly D. oligopoly
Which of the following would be viewed as a common property problem?
A. To be safe you must lock your door at night. B. Your property is burglarized. C. Vandals damage your property. D. People pick all of the flowers in a public park.