Refer to the figure above. Which of the following combinations is attainable but inefficient?
A) A
B) B
C) C
D) D
A
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Explain the concept of marginalism as it is used in economics
What will be an ideal response?
Looking at the labor statistics of the United States from 1951 to 2002, we find that the unemployment rate for women is higher than that for men in most years
a. True b. False Indicate whether the statement is true or false
Which of the following describes an individual’s labor supply curve when the substitution effect is stronger than the income effect?
a. U-shaped b. backward bending c. upward sloping d. downward sloping
Which of the following statements about economic models is TRUE?
A. The predictive power of models is not as important as they serve the preferences of economists. B. Every economic model is based on a set of assumptions. C. Economic models are designed so that every detail of the real world can be analyzed. D. Economic models are not empirically testable.