What assumption about human motivation is made in economics? Explain
What will be an ideal response?
Economists assume that people act as if motivated by self-interest. People respond predictably to opportunities for gain. That is, people look out for their own self-interest and do so in a rational manner.
Economics
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The slope of a line is calculated as the ratio of the "rise" over the "run"
a. True b. False Indicate whether the statement is true or false
Economics
The profit-maximizing employment level for a monopsonist occurs where
a. wage = MLC b. wage = MRP c. price = wage d. wage = TLC e. MRP = MLC
Economics