Because of economic scarcity
a. there are not enough jobs for everyone
b. people are afraid to become entrepreneurs
c. the government interferes in the economy
d. businesses cannot obtain the resources they need
e. people and organizations have to allocate resources carefully
E
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According to ________, people are often risk averse when it comes to gains and risk preferring when it comes to losses
A) prospect theory B) the reflection effect C) the certainty effect D) the framing effect
Refer to Scenario 18.1. Which of the following is TRUE?
A) The factory will never agree to B, because that would leave them with much less profit than the fishermen. B) C will never occur because that would leave the fishermen with much less profit than the factory. C) If the factory refused to install a filter, the fishermen would refuse to install a treatment plant. D) The factory must install a filter, because they contaminate the water. E) The profits above indicate profit before any agreement is made, and profit varies enough to make a mutually acceptable agreement possible.
When grocery stores offer discount coupons on Sunday papers, it is trying to
a. Price discriminate b. Undercut its competition c. Reward the frequent readers d. Provide a social service
The short-run market supply curve is the ______ of the individual firms’ supply curves in the market.
a. vertical analysis b. horizontal analysis c. vertical summation d. horizontal summation