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an increase in buyers incomesa increases the quantity demanded of a goodb decreases the quantity demanded of a goodc
the demand curve for a particular good indicates the various quantitiesa demanded at various prices other things equalb
each point along the market demand curve showsa the quantity of the good that firms would be willing and able to supply
the three primary systems for allocating resources area tradition command and central planningb tradition central
in deciding where to operate along its production possibilities frontier a society is answering the question ofa which
the three problems of resource allocation are faced bya traditional societiesb command systemsc centrally planned
molly needs 30 minutes to wash the car and 45 minutes to mow the lawn renee needs 1 hour to wash the car and 2 hours to
one kind of gain from specialization is thata most individuals gain at the expense of someone elseb people develop
according to the law of increasing opportunity costa production points outside the production possibility frontier are
combinations of goods on the production possibilities frontiera are unattainable without additional resourcesb can be
carl is considering attending a concert with a ticket price of 35 he estimates that the cost of driving to the concert
1 an economic modela uses equations to understand normative economic phenomenab often omits crucial elementsc
positive economics deals witha theories about improving peoples self-esteemb practical ways of improving peoples
suppose the price of widgets falls from 7 to 5 and consumption of widgets rises from 15 widgets a month to 25 widgets
senior citizens deserve an income that will allow them to live in comfort for their remaining years this isa neither a
a micro economist might study which of the followinga how inflation changes over time for several countriesb how money
farm must decide whether or not to purchase a new tractor the tractor will reduce costs by 2000 in the first year 2500
every economy as well as the medical care sector must decide the following what should be produced how it should be
which of the following is a characteristic of economies of scalea the average cost remains constant as output
suppose the cost of producing a 30 second commercial for television is 100000 if airtime on the evening news costs
which of the following best describes economies of scopea the average cost increases as output increasesb the average
what kind of economies come from reductions in cost due to adoption of technology that has high fixed costs but lower
which of the following is not a way managers generally benefit from acquisitionsa increased compensationb shielding
a shareholders group in lodging a protest claimed that the mean tenure for a chief executive office was at least nine
the employment and training administration reported that the us mean unemployment insurance benefit was 238 per week a