Which of the following best describes the reason for studying economics?
a. Studying economics helps individuals, businesses, and governments make the best decisions.
b. Studying economics helps individuals, businesses and governments understand the financial problems facing the world today.
c. Studying economics gives businesses and governments the answers to economic problems.
d. Studying economics only helps governments understand the major problems facing the world today.
a. Studying economics helps individuals, businesses, and governments make the best decisions.
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The following table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPUGHzTotal BenefitMarginal BenefitTotal CostsMarginal Costs2.0$1,000 $900 2.5$1,400 &1003.0 $300$1,200 3.5$1,900 &1,500 4.0$2,000 &400The marginal benefit of upgrading from a 2.0GHz computer to a 2.5GHz computer is:
A. $400. B. $1,400. C. $1,000. D. $100.
In the long run, perfectly competitive firms make zero economic profit. This result is due mainly to which of the following assumptions?
A) few buyers and sellers B) unrestricted entry and exit C) firms must act as price takers D) demand for the firm's output is perfectly elastic
The basic organizing framework for both microeconomic and macroeconomic models is
A. purely competitive markets. B. government planning of the economy. C. demand and supply. D. democratic socialism. E. All of these responses are correct.
Monopolization of either the labor market or the output market results in
A) higher wages than when both are competitive. B) a higher output price than when both are competitive. C) a higher level of output than when both are competitive. D) All of the above.