The maximizing behavior of individuals and firms determines society's three main allocation decisions:
A) which goods are produced, how they are sold, and who gets them.
B) which goods are produced, how they are produced, and who finances them.
C) which goods are imported, how they are stored, and who gets them.
D) which goods are produced, how they are produced, and who gets them.
D
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If the substitution effect from a higher wage rate exceeds the income effect, then a higher wage rate
A) increases the quantity of labor supplied. B) decreases the quantity of labor supplied. C) shifts the supply of labor curve leftward. D) shifts the supply of labor curve rightward.
In terms of location decisions, firms evaluate the infrastructure of the area in terms of access to transportation as well as the quality of life
Indicate whether the statement is true or false